Zinc market under short covering; Support seen at 175.3
MCX Copper may trade in a range between 409.6-422.2
MCX Silver likely to trade in a range between 37660-38330
Gold market under fresh selling; Support seen at 29550
NCDEX Turmeric under fresh selling; resistance seen at 7312
Technically now Crude Oil is getting support at 4636 and below same could see a test of 4528 levels and resistance is now likely to be seen at 4808, a move above could see prices testing 4872.
Crude Oil on MCX settled up 2.48% at 4744 rebounding from sharp losses as crude supplies reportedly fell at a domestic delivery hub at Cushing, Oklahoma. Russian oil output rose by 150,000 barrels per day in July from a month earlier, surpassing the amount Moscow had said it would add following a meeting of global oil producers in Vienna in June, energy ministry data showed on Thursday.
Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production to help to compensate for an anticipated shortfall in Iranian crude supplies once planned U.S. sanctions take effect later this year.
The Organization of the Petroleum Exporting Countries and partners including Russia had earlier cut output to rebalance supply and demand. Saudi Aramco cut its September price for its Arab Light for Asian customers by $0.70 a barrel versus August to a premium of $1.20 a barrel to the Oman/Dubai average, it said on Thursday.
Oil prices tanked earlier this week when the U.S. government reported that U.S. inventories rose 3.8 million barrels in the prior week, against expectations, but rose on Thursday on expectations the stockpile would soon decline again.
On June 22-23, OPEC, Russia and other non-members agreed to return to 100% compliance with oil output cuts that began in January 2017, after months of underproduction elsewhere had pushed adherence above 160%. Even though output continued to decline in Iran, Libya and Venezuela, the survey suggested that compliance had only fallen to 111% in July, suggesting more room for increasing production from the likes of Saudi Arabia or OPEC’s non-member ally Russia.
Trading Ideas:
–Crude Oil trading range for the day is 4528-4872.
–Crude oil prices settled higher rebounding from sharp losses a day earlier as crude supplies reportedly fell at a domestic delivery hub at Cushing, Oklahoma.
–Russian oil output rose by 150,000 barrels per day in July from a month earlier, surpassing the amount Moscow had said it would add following a meeting of global oil producers in Vienna in June.
–U.S. crude inventories rose 3.8 million barrels last week as imports jumped, the government’s Energy Information Administration said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
