Gold – Silver Outlook – Stronger dollar, growth and optimism in the US economy and probability of rate hike by the US Federal Reserve are the push factors for gold prices to trade lower in the near term. On the MCX, gold prices are expected to trade lower today.
Crude Oil – Outlook – Oil markets remain well supplied as OPEC’s reluctance to cut its output and high global inventories across the globe will keep the sentiments bearish in turn pressuring crude oil prices. Besides, crude inventories at 487 million barrels are at the highest point in the history of the US exerting downside pressure on oil prices. On the MCX, oil prices are expected to trade lower today.
Copper – Outlook – We expect Copper prices to trade lower today as rising convictions that the Federal Reserve will raise interest rates next month. Besides, latest CFTC data showed hedge funds and money managers increased their net short position by 8,430 lots to 27,827 lots, the biggest since mid-August, will exert downside pressure on copper prices. On the MCX, copper prices are expected to trade lower today.