MCX Zinc may trade in a range between 172.2-181.8
MCX Copper may trade in a range between 418.5-433.3
Natural Gas market under fresh buying; Support seen at 205.4
Silver market under fresh selling; Support seen at 37282
Gold market under fresh selling; Support seen at 30039
Technically Crude Oil is getting support at 4933 and below same could see a test of 4907 levels and resistance is now likely to be seen at 4997, a move above could see prices testing 5035.
Crude Oil on MCX settled down -0.8% at 4959 on signs of expanding U.S. output and fears over lower oil-demand growth amid rising global trade tensions. Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation rose by 2 to 862.
The rise in rig counts, pointing to signs of expanding output, comes as data, released earlier in the week, showed rising U.S. output steadied at 11.0 million barrels a day, unchanged from the prior week.
Renewed concerns over an escalation in the U.S.-China trade war stoked fears of lower oil demand growth, adding to downside momentum in oil prices. China, the world’s largest commodity importer, has seen economic growth dwindle since the trade war with the U.S. kicked off, and a further escalation could dent growth, forcing Beijing to rein in crude imports.
Oil prices ended the month nearly 2% higher amid renewed bets on a global supply shortage as U.S. sanctions on Iran’s crude exports are expected to reduce crude from market, underpinning higher crude prices.
Japan’s crude oil imports last month dropped 12.8 percent from a year earlier to 2.92 million barrels per day, or 14.4 million kilolitres, the lowest volumes for the month of July since 1985, monthly data from the trade ministry showed. Japan’s total oil product sales in July slipped 2.2 percent from a year ago to 2.74 million bpd, marking their lowest for the month in at least three decades, as gasoline consumption in summer remained lean.
Trading Ideas:
–Crude Oil trading range for the day is 4907-5035.
–Crude oil prices settled lower on signs of expanding U.S. output and fears over lower oil-demand growth amid rising global trade tensions.
–Maintenance season tends to halt refinery activity, slowing demand for crude stockpiles used as inputs in the production of product inventories.
–Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation rose by 2 to 862.
Courtesy: Kedia Commodities
Source: Commodityonline.com
