MCX Crude Palm Oil under fresh buying; Support seen at 4383

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MCX Natural Gas likely to move in a range of 179.3-187.9

Technically market is under fresh buying as market has witnessed gain in open interest by 11.03% to settled at 13287 while prices up 15 rupees.

Now MCX Crude Oil is getting support at 4383 and below same could see a of 4351 level, And resistance is now likely to be seen at 4454, a move above could see prices testing 4493.

Crude Oil on MCX settled up 0.34% at 4415 on escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year. But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a slowdown.

U.S. President Donald Trump threatened Iran with “great force” if it attacked U.S. interests in the . This came after a rocket attack in Iraq’s capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran.

Iran said that it would resist U.S. pressure, declining further talks under current circumstances. The tension comes amid an already tight market as the Organization of the Petroleum Exporting Countries (OPEC), and other producers have been withholding supply since the start of the year to prop up prices.

A meeting has been scheduled for 25-26 to discuss the policy, but the group is now considering moving the event to 3-4, according to OPEC sources on Monday, with its de-facto leader Saudi Arabia signalling a willingness to continue withholding output.

Saudi Energy Minister Khalid al-Falih said there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories “gently” but he would remain responsive to the needs of what he called a fragile market.

Trading Ideas:
–Crude Oil trading range for the day is 4351-4493.
–Crude Oil prices rose on escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year.
–But gains were checked by concerns that a prolonged trade war between Washington and Beijing could lead to a global slowdown.
–U.S. President Donald Trump threatened Iran with “great force” if it attacked U.S. interests in the Middle East.

Courtesy: Kedia Commodities

Source: Commodityonline.com