MCX Copper November is expected to hold above Rs1330 level and rise towards Rs1360 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot Gold is expected to find firm support near $4,050, with a potential rebound toward $4,160 driven by a softer U.S. dollar and a correction in Treasury yields. While the CME Fed-Watch Tool indicates that traders see an 80% chance of a Federal Reserve rate hike in December, underlying demand remains robust. Central banks accelerated their physical gold buying in the third quarter to its fastest pace since late 2024, spearheaded by China’s central bank expanding its gold purchases for the 23rd consecutive month. Furthermore, a recent pullback in crude oil prices could ease broader inflationary anxieties, offsetting the headwinds of tighter monetary policy and providing additional structural support for bullion
• MCX Gold December is expected to hold above Rs141,500 and rise towards Rs146,500 level.
• MCX Silver December is expected to trade above Rs180,000 and move higher towards Rs192,000 level. Only a move above Rs192,000, it would rise towards Rs195,000 level.
Base Metal Outlook
• Copper prices are expected to trade higher, driven by an improved demand outlook and stronger-than-expected economic data from China. China's third-quarter GDP grew by 4.5%, and September industrial production rose by 5.5%, reinforcing factory activity. Furthermore, Yangshan copper import premium rose to a record high of $217.50 a ton on Friday, reflecting intense buying competition and severe supply tightness in China. However, rising inventories on the London Metal Exchange and higher stocks on COMEX could cap any significant price rally
• MCX Copper November is expected to hold above Rs1330 level and rise towards Rs1360 level. Only a move above Rs1360 level, it will rise towards Rs1370 level.
• MCX Aluminum November is expected to face resistance near Rs335 level and dip towards Rs325. MCX Zinc November is likely to find support near Rs405 level and rise towards Rs418 level.
Energy Outlook
• NYMEX crude oil is expected to be traded lower toward $88 as Middle East tensions are eased. Supply concerns are projected to be alleviated, and oil prices weighed down, by growing prospects of improved oil supplies through the Strait of Hormuz. Understandings have been reached between Iraq and the US for Iraqi oil to be exported through a shipping lane near Oman in the Strait of Hormuz. Furthermore, fresh American strikes on Iran were described by US President Donald Trump as "highly unlikely" if progress is made in negotiations between the two countries.
• MCX Crude oil November is expected to face hurdle near Rs8900 and move lower towards Rs8400 level.
• NYMEX natural gas prices are expected to trade higher on cool weather outlook in US. MCX Natural gas November is expected to find support near Rs278 level and rise towards Rs290 level.
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