MCX Aluminium may trade between 141.4-148.6 levels
MCX Mentha Oil under short covering; Support seen at 1292.9
MCX Nickel likely to trade in range between 963.5-1022.7
MCX Zinc expected to trade between 189.4-199.2 levels
MCX Copper may trade between 439-456.6 levels
Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 5.87% to settled at 21514 while prices down 29 rupees.
Now MCX Crude Oil is getting support at 4993 and below same could see a test of 4905 levels and resistance is now likely to be seen at 5171, a move above could see prices testing 5261.
Crude Oil on MCX settled down 0.57% at 5080 as traders weighed the prospect of fresh supply flooding the market against an ongoing disruption in crude output. The fall to session lows, however, attracted a fresh wave of buyers as traders continued to bet on the prospect of a shortage in global supplies supporting oil prices as unexpected disruptions in Canada, Libya and Venezuela have weighed on supply.
U.S. crude stocks fell more than expected last week, while gasoline and distillate inventories drew, industry group the American Petroleum Institute said. Crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million, compared with expectations for a decrease of 3.5 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.6 million barrels, API said. Crude stockpiles at oil storage facilities in Cushing have dropped after an outage at Syncrude Canada’s 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta.
The U.S. government plans to shut Iran’s oil exports out of the market from November, demanding that all countries stop buying its oil. To make up for potential shortfalls in supply from Iran sanctions as well as other disruptions including Libya and Venezuela, the Organization of the Petroleum Exporting Countries (OPEC) has agreed with Russia and other oil-producing non-OPEC members to raise output from July.
Trading Ideas:
–Crude oil trading range for the day is 4905-5261.
–Crude oil dropped as traders weighed the prospect of fresh supply flooding the market against an ongoing disruption in crude output.
–OPEC saw June output at 32.32 million bpd, a survey showed, up 320,000 bpd from May.
–The UAE’s Abu Dhabi National Oil Co, said it is able to increase production by several hundred thousand bpd if needed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
