Zinc market under fresh selling; Support seen at 175
Copper market under fresh selling; Support seen at 417.1
Natural Gas market under long liquidation; Support seen at 201.7
NCDEX Turmeric under fresh selling; Resistance seen at 7233
NCDEX Mustard Seed under fresh buying; Support seen at 4118
Technically Crude Oil market is under short covering as market has witnessed drop in open interest by 15.21% to settled at 8877.
Now MCX Crude Oil is getting support at 4599 and below same could see a test of 4524 levels and resistance is now likely to be seen at 4714, a move above could see prices testing 4754.
Crude Oil on MCX settled up 1.56% at 4674 as tensions between the U.S. and Turkey escalated and the International Energy Agency warned against a possible cooling in the market.
Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S. sanctions are poised to slash supplies of Iranian oil, the International Energy Agency said.
“The recent cooling down of the market, with short-term supply tensions easing, currently lower prices, and lower demand growth might not last,” the IEA, which oversees the energy policies of industrialised nations, said in a monthly report.
However, the United States said it was still seeking to force Iran’s oil customers to stop purchases completely in the long run. Iran is OPEC’s third-largest producer, with output at around 4 million barrels per day (bpd) or 4 percent of global supply.
Saudi Arabia, Iran’s arch-foe and a close ally of Washington, has pledged intervention to prevent any supply shortage. Saudi Arabia is producing around 10.4 million bpd and could in theory raise output to above 12 million bpd. But such a move would leave the world with virtually no spare capacity to cushion against possible supply disruptions in producer countries like Libya, Venezuela or Nigeria.
China’s crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country’s smaller independent, or “teapot”, refineries.
Trading Ideas:
–Crude oil trading range for the day is 4524-4754.
–Crude oil gained reflecting concerns about Iranian crude supplies as the U.S. hit Tehran with new sanctions, halting Wednesday’s declines.
–China’s crude imports recovered slightly in July after two months of decline, but were still among the lowest this year due to a drop-off in demand.
–China took 8.48 million barrels per day (bpd) last month, up from 8.18 million bpd a year earlier and June’s 8.36 million bpd, customs data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
