Mumbai – December 31, 2022: ICICIdirect, India’s leading wealthtech platform serving over 8.5 million customers by facilitating their investments, insurance and loan needs, today released the commodity outlook report for 2023. ICICIdirect has predicted that in 2023:
- Gold will rise towards ₹ 62,000 / 10 gms, touching all time high;
- Silver to rebound towards ₹ 80,000 / kg;
- Copper to rally towards ₹ 850/ kg;
- Aluminium to remain elevated towards ₹ 260/ kg;
- Zinc to test at ₹ 350 per kg; and
- Crude prices will remain relatively stable in 2023
For reference, the closing prices as on 28th December for the above commodities, and percentage change over ICICIdirect price outlook are:
|Commodity||Current price||YTD % change||ICICIdirect target for FY23||% change over current price|
|Gold (₹/ 10 gms)||54,730||13.79||62,000||13.28|
“Due to the IMF’s revised global GDP prediction, reducing inflation, the halt in interest rate hikes, the weakening dollar, and China’s reopening, the global commodities market is anticipated to exhibit a mixed trend in 2023 and the global economy is currently experiencing a slowdown. This is likely to have a mixed effect on the commodities market,” ICICIdirect report said, adding that the aforementioned variables are predicted to benefit the gold and silver markets, with gold possibly emerging as a safe haven asset and silver possibly luring purchases from the industrial sector.
ICICIdirect launched commodity trading in 2020 and within a short span, it accounts for 5.47% retail market share. Commodity traders and investors are provided with regular research-backed recommendation.
As per ICICIdirect, despite the Russia-Ukraine war, the crude oil market has suffered greatly in 2022 since production and demand were nearly balanced. With China reopening in 2023 and OPEC cutting back on oil production, global oil consumption is projected to rise once more. As COVID-19 limits are loosened, mobility will likely grow, which would in turn boost China’s imports of crude oil. On this background, the price of MCX crude oil futures is projected to increase toward ₹ 7850 per barrel.
In 2022, base metal prices experienced a roller-coaster ride due to uneven global economic growth and China’s limited trade participation. A deficit in the global base metals market is anticipated in 2023 as a result of supply restrictions from significant manufacturers. Due to the weaker dollar, potential growth in Chinese consumption, and declining inventories, the base metals market is anticipated to demonstrate positive momentum in 2023, said ICICIdirect.
For details, please refer to the attached report or click on the below link: