MCX Zinc may trade between 177.3-182.3 levels
MCX Nickel under short covering; Resistance seen at 946.8
MCX Aluminium likely to move in a range of 139.8-142.4
MCX Mentha Oil under fresh buying; Support seen at 1572.4
MCX Natural Gas may trade between 188.8-192.6 levels
Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 3.76% to settled at 10439 while prices up 22 rupees.
Now MCX Crude Oil is getting support at 4756 and below same could see a test of 4713 levels and resistance is now likely to be seen at 4827, a move above could see prices testing 4855.
Crude Oil on MCX settled up 0.46% at 4800 after Saudi Arabia suspended its oil shipments through a key Red Sea strait in response to an attack on two of its tankers. Crude oil prices were also supported by data showing crude oil prices fell to their lowest level since 2015 as exports jumped and imports fell sharply.
Saudi Arabia temporarily paused shipments through the Bab el-Mandeb strait, which joins the Red Sea to the Gulf of Aden, after two of its oil tankers were reportedly attacked by Houthi rebels.
An estimated 4.8 million barrels per day of crude oil and refined petroleum products — destined for Europe, the US and Asia — flowed through this waterway in 2016, according to the U.S. Energy Information Administration.
The disruptions in the Middle East come at time of concern over the potential for further disruptions in Libya, Venezuela and Iran. Inventories of U.S. crude fell by 6.147 million barrels for the week ended July 20, more than expectations for a draw of 2.600 million barrels, according to data from the Energy Information Administration (EIA).
At 404.9 million barrels, inventories, not including the nation’s emergency petroleum reserve, were at their lowest level since February 2015. Imports fell by 2.518 million barrels a day (bpd) and exports rose by 1.222 million bpd, the EIA said Wednesday.
Trading Ideas:
–Crude Oil trading range for the day is 4713-4855.
–Crude oil gained after Saudi Arabia suspended its oil shipments through a key Red Sea strait in response to an attack on two of its tankers.
–Saudi Arabia, said that it was “temporarily halting” all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb.
–Kuwait Oil Official says Kuwait are studying whether to halt oil exports through Bab El-Mandeb Strait, however no decision has been taken yet.
Courtesy: Kedia Commodities
Source: Commodityonline.com
