MCX Silver may trade in a range between 37338-38346
MCX Cotton under long liquidation
MCX Cardamom under fresh buying; Resistance seen at 1220.7
Gold market under fresh selling; Support seen at 29655
NCDEX Jeera under long liquidation
Technically now Crude Oil is getting support at 4591 and below same could see a test of 4539 levels and resistance is now likely to be seen at 4716, a move above could see prices testing 4789.
Crude Oil on MCX settled down 0.66% at 4643 after data suggested inventories at the U.S. crude delivery hub rose in the latest week, compounding worries that troubled emerging markets and trade tensions will dent the outlook for fuel demand.
Prices fell earlier in the session by more than $1 a barrel after inventories at the Cushing, Oklahoma, delivery hub for WTI rose by about 1.7 million barrels in the week through Aug. 10, traders said, citing data from market intelligence firm Genscape.
Crude inventories at Cushing have been dwindling, in part due to an outage at an oil processing facility in Canada that has reduced the flow of crude into the hub. The Canadian Syncrude processing facility has begun ramping up light oil production and was expected to return to full production in September.
In July, Saudi Arabia told the producer group of the Organization of the Petroleum Exporting Countries (OPEC) that it had cut production by 200,000 barrels per day (bpd) to 10.288 million bpd. OPEC’s monthly report published on Monday, which uses data from secondary sources, confirmed the Saudi cut, which traders said triggered crude’s upward move.
That came despite the Saudi move coming in anticipation of a slowdown in oil demand. The OPEC report said it expected world oil demand to grow by 1.43 million bpd in 2019, down from 1.64 million bpd in 2018. OPEC said the demand slowdown would come on the back of potentially lower economic growth as a result of trade disputes between the United States and China as well as emerging market turmoil.
Trading Ideas:
–Crude Oil trading range for the day is 4539-4789.
–Crude oil dropped after data suggested inventories at the U.S. crude delivery hub rose in the latest week.
–OPEC forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.
–In a monthly report, the OPEC said the world will need 32.05 Mbpd of crude from its 15 members in 2019, down 130,000 bpd from last month’s forecast.
Source: Commodityonline.com
