Zinc market under fresh selling; Support seen at 184.7
MCX Copper may trade in a range between 426.2-454
Natural Gas market under fresh selling; Support seen at 194.1
Short covering seen in MCX Cotton
MCX Cardamom likely to move in a range of 996-1044
Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 5.73% to settled at 22747.
Now MCX Crude Oil is getting support at 5068 and below same could see a test of 5011 level, And resistance is now likely to be seen at 5161, a move above could see prices testing 5197.
Crude Oil on MCX settled up 0.91% at 5126 following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta. Recent price rises have also been spurred by a U.S. announcement that it plans to re-introduce sanctions against Iran from November, which will also target its oil industry.
U.S. President Donald Trump sent a tweet demanding that OPEC reduce prices for crude. Trump late on Wednesday accused the Organization of Petroleum Exporting Countries (OPEC) of driving up fuel prices. “The OPEC Monopoly must remember that gas prices are up & they are doing little to help.
If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!” Trump wrote on Twitter. OPEC and Russia announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to U.S. sanctions.
NAB said its oil price forecasts “point to Brent spending the next few months largely in the mid-to-high $70s (per barrel) range, although meaningful OPEC-Russia output increases could push prices lower later in the year and higher U.S. shale production should impose an upside limit on WTI.”
Meanwhile, U.S. crude oil production has soared by 30 percent in the last two years, to 10.9 million bpd.
Trading Ideas:
–Crude Oil trading range for the day is 5011-5197.
–Crude Oil edged up following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta.
–The American Petroleum Institute (API) said in a report that U.S. crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million barrels.
–Looming U.S. sanctions against major oil exporter Iran also remained in focus, as recent reports suggested that the U.S. government wants to shut Iran’s oil exports.
Courtesy: Kedia Commodities
Source: Commodityonline.com
