MCX Aluminium may trade in a range between 143.8-145.8
Nickel market under fresh selling; Support seen at 929
Zinc market under short covering; Support seen at 177.1
Copper market under short covering; Support seen at 417.1
MCX Natural Gas under long liquidation; Support seen at 200.8
Technically now Crude Oil is getting support at 4802 and below same could see a test of 4779 levels and resistance is now likely to be seen at 4843, a move above could see prices testing 4861.
Crude Oil on MCX settled up 0.46% at 4826 supported by a strengthening equities market and news that the United States and Mexico agreed to overhaul the North American Free Trade Agreement (NAFTA).
An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9 percent more than called for in their pact, sources said. The findings for last month compare with a compliance level of 120 percent for June and 147 percent for May, meaning participants have been steadily increasing production.
The Organization of the Petroleum Exporting Countries and other producers led by Russia pledged on June 22-23 to return to 100 percent compliance with agreed cuts of 1.8 million barrels per day, a pact that began in January 2017. Producers had for months been cutting in excess of the agreed amount, driven by output declines in places such as Venezuela, Nigeria and Libya.
U.S. energy companies cut nine oil drilling rigs last week, taking the total to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said. Members of an OPEC and non-OPEC ministerial monitoring committee will hold a conference call later on Monday to discuss progress on their production curbs agreement.
The Organization of the Petroleum Exporting Countries and other producers led by Russia agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017. The committee groups Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, Venezuela and Oman.
Trading Ideas:
–Crude oil trading range for the day is 4779-4861.
–Crude oil gains supported by a strengthening equities market and news that the United States and Mexico agreed to overhaul the NAFTA.
–Despite these worries, the crude market will likely draw support from U.S. sanctions against Iran, which from November will include oil exports.
–U.S. energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
