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Metal’s Outlook

Bullion Outlook

* Spot gold has surpassed the key psychological level of $2700 level and is likely to rise further towards $2720 level amid upsurge in demand for safe haven due to uncertainty surrounding US election, worries over rising US national debt and ongoing geopolitical tensions. Furthermore, prices may rally on expectations that major central banks across globe would continue to ease monetary policy further. ECB after 3 rd rate cut is likely to go for another rate cut in December unless economic or inflation data turns around. Moreover, investors will keep an close eye on economic data from US and FOMC member comments to get more clarity on policy path

* MCX Gold December is expected to rise towards 77,500 level as long as it trades above 76,600 level. A break above 77,500 prices may rally towards 77,800 level

* MCX Silver December is expected to rise towards 93,500 level as long as it trades above 91,000 level.

Base Metal Outlook

* Copper prices are expected to trade with positive bias amid rise in risk appetite in the global markets and improved economic data from China. Further, prices may rally as Minister of Housing and Urban-Rural Development Ni Hong said China will expand a "white list" of housing projects eligible for financing and increase bank lending for such developments to 4 trillion yuan ($562 billion) by year-end. Further better than expected industrial production numbers and steady growth in China’s GDP would provide support to the base metals to regain its strength. Meanwhile, sharp upside may be capped on strong dollar

* MCX Copper October is expected to rise further towards 821 level as long as it stays above 809 level. A break above 821 prices would rise further towards 825 level

* MCX Aluminum is expected to move north towards 238 level as long as it stays above 234 level

Energy Outlook

* NYMEX Crude oil is expected to rise back towards $72 level on unexpected drop in Crude oil inventories and simmering Middle East tension. Further, EIA and API figures also showed fall in gasoline and distillate inventories, pointing demand. Additionally, prices may move north on expectation that major central banks would continue to cut interest rates further to boost economic growth. Lower rates decrease borrowing costs, which can boost economic growth and demand for oil. Furthermore, China’s plan to aid sputtering real estate market would support prices.

* MCX Crude oil Nov is likely to rise towards 6050 level as long as it stays above 5800 level.

* MCX Natural gas October is expected to slip further towards 190 level as long as it stays below 205 level

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