MCX Nickel may trade between 906.9-957.3 levels
MCX Zinc expected to trade between 174.7-186.5 levels
MCX Copper likely to trade in a range between 415.7-440.1
Natural Gas market under short covering; Support seen at 187.2
Silver market under short covering; Support seen at 38169
Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 16.55% to settled at 9132 while prices up 55 rupees.
Now MCX Crude Oil is getting support at 4682 and below same could see a test of 4619 levels and resistance is now likely to be seen at 4793, a move above could see prices testing 4841.
Crude Oil on MCX settled up 1.17% at 4745 as concerns about oversupply eased amid expectations U.S. oil stockpiles fell last week. Reports that China will increase infrastructure spending also helped reduce concerns that U.S.-China trade tensions will dent the country’s demand for oil. U.S. crude and fuel stockpiles dropped more than expected last week, industry group the American Petroleum Institute said.
Crude inventories fell by 3.2 million barrels in the week to July 20 to 407.6 million barrels, compared with expectations for a decrease of 2.3 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub dropped by 808,000 barrels, the API said.
Refinery crude runs declined by 60,000 barrels per day. Gasoline stocks fell by 4.9 million barrels, compared with analyst expectations in a Reuters poll for a 713,000-barrel drop. Distillate fuels stockpiles, which include diesel and heating oil, fell by 1.3 million barrels, compared with expectations for a 207,000-barrel gain, the API data showed.
Tight oil inventories both in the US and abroad have stoked investor expectations for a global supply shortage, as oil market participants continue to warn that even small disruption in output could result in “dangerous” oil price volatility.
Trading Ideas:
–Crude oil trading range for the day is 4619-4841.
–Crude oil prices settled higher as concerns about oversupply eased amid expectations U.S. oil stockpiles fell last week.
–Saudi Arabia and large producers are ramping up output to offset losses that are likely to come as the November deadline approaches.
–The market has also been dented by concerns about the impact on global economic growth and energy demand of escalating disputes over global trade.
Courtesy: Kedia Commodities
Source: Commodityonline.com
