MCX Crude oil November is expected to find support near Rs8400 and rise towards Rs8900 level - ICICI Direct
Metal’s Outlook
Bullion Outlook
• Spot Gold is expected to find support near $4000 and rise towards $4120 on weak dollar and softening of U.S treasury yields. As per CME FedWatch Tool, traders currently see about a 64% chance that Fed will raise interest rates in December, down from 84% in last week. Additionally, Central banks stepped up gold buying in the third quarter to its fastest pace since late 2024. Poland's central bank has reached its previously stated target for gold reserves of 700 metric tons, leaving the door open to further purchases. Meanwhile, investors will keep an eye on today’s US nonfarm payrolls report for further clues on the monetary policy outlook.
• MCX Gold December is expected to find support near Rs142,000 and rise towards Rs146,000 level.
• MCX Silver December is expected to move in a wide range between Rs182,000 and Rs192,000 level. Only a move above Rs192,000, it would rise towards Rs195,000 level.
Base Metal Outlook
• Copper prices are expected to remain under pressure and trade lower as investors remain concerned that demand may be negatively impacted by any slowdown in the data-centre buildout. Further, Democrats victory in both chambers reduced expectations for refined-copper tariffs. Meanwhile, premium for spot copper in Shanghai has reached its highest level since 2021. Further, weak dollar, supply concerns and strong demand from China may limit its downside. Additionally, Chilean state copper producer Codelco halted the concentrator at its Andina mine after a blockage in a tailings transport system.
• MCX Copper November is expected to face resistance near Rs1370 level and dip towards Rs1345 level. Only a move below Rs1345 level, it will dip towards Rs1340 level.
• MCX Aluminum November is expected to face resistance near Rs330 level and dip towards Rs325. MCX Zinc November is likely to find support near Rs410 level and rise towards Rs418 level.
Energy Outlook
• NYMEX crude oil is expected to find support near $88 and rise towards $94 after Ukraine ramped up its attacks on Russian oil facilities over the past week, attacking five refineries and a major crude-pumping station. market Additionally, Saudi Arabian state producer Aramco cut its crude prices for Asian buyers next month by less than expected. Aramco cut its crude price for Asian buyers for December delivery by $2 a barrel, less than market expectations of a $5 decrease from November. Meanwhile, Democrats retaking of Congress in the US midterm elections has fueled speculation that US may try to end the US-Iran conflict sooner rather than later.
• MCX Crude oil November is expected to find support near Rs8400 and rise towards Rs8900 level.
• MCX Natural gas November is expected to find support near Rs278 level and rise towards Rs290 level.
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