Crude oil prices are likely to move in the tight range of $72.50-75.50 amid mix set of factors - ICICI Direct
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Metal’s Outlook
Bullion Outlook
• Gold is expected to move higher towards $2060, as long as it trades above the $2030 mark amid weakness in the dollar and fall in US treasury yields. Weaker set of economic numbers from US would raise the probability of rate cuts in the coming year. The CME FedWatch tool suggest more than 70% probability of 25 bps cuts in Mar and May 2024. Meanwhile, focus will remain on key US PCE price index and consumer sentiment numbers, which may bring more clarity on the futures interest path.
• MCX gold is expected to rise towards 62,900,as long as it holds above 62,300. Only close above 62,900 would open the doors towards 63,300.
• MCX silver is likely to extend its gains towards 76,200, as long as it trades above 74,600.
Base Metal Outlook
• Copper prices are expected to hold its ground and trade with a positive bias amid weakness in the dollar and strong demand from China. Robust demand driven by decarbonization and persistence supply concerns would also support the metal to over come the weak manufacturing activity. Meanwhile, investors will keep an eye on key inflation number from the US to get more clarity on price trend.
• MCX Copper December is expected to move in the range of 721 and 732. Only a move above 731, it would open the doors towards 736.
• Aluminium is expected to weaken further amid weaker Aluminum import numbers from China in November. MCX Aluminium woul
Energy Outlook
• Crude oil prices are likely to move in the tight range of $72.50-75.50 amid mix set of factors. Supply disruption due to the attacks on the vessels in the red sea and weakness in the dollar amid increasing probability of Fed rate cut would support the prices to hold above the $72.50. Meanwhile, increasing crude oil production from NonOPEC nations and higher inventory levels in the US would check any major upside in oil prices.
• MCX Crude oil January is likely to move inside the range of 6100- 6300. Only a move above 6300 would open the doors towards 6400.
• MCX Natural gas December future is likely to move towards 220 mark, as long as it holds above the 205 level.
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