MCX Zinc may trade in a range between 172.2-181.8
MCX Copper may trade in a range between 418.5-433.3
MCX Crude Oil may trade in a range between 4907-5035
Silver market under fresh selling; Support seen at 37282
Gold market under fresh selling; Support seen at 30039
Technically Natural Gas market is under fresh buying as market has witnessed gain in open interest by 27.36% to settled at 4879 while prices up 2 rupees.
Now Natural Gas is getting support at 205.4 and below same could see a test of 204 level, And resistance is now likely to be seen at 208.1, a move above could see prices testing 209.4.
Natural Gas on MCX settled up 0.98% at 206.9 on forecasts for hotter weather in early September and posted their first monthly gain after two months amid concerns about low inventories.
Weekly data from the U.S. Energy Information Administration (EIA) showed a higher than normal injection of gas into storage in the week ended Aug. 24. Despite a higher injection, inventories are about 19 percent below the five-year average for this time of year, and the lowest for the week since 2003.
Early estimates for the week ending Aug. 31 showed utilities were likely to add a lower-than-normal 49 billion cubic feet of gas into storage. That compares with a build of 60 bcf for the same week last year and a five-year average increase of 65 bcf.
Production in the Lower 48 U.S. states averaged a record 82.6 billion cubic feet per day (bcfd) over the past 30 days. Output rose to an all-time high of about 83.7 bcfd on Aug. 27, according to data. The Department of Energy reports that the average total supply of natural gas remained about the same as in the previous report week, averaging 88.2 Bcf per day.
Dry natural gas production remained constant week over week. The EIA reported that total U.S. consumption of natural gas was unchanged from the previous report week, averaging 62.3 Bcf per day.
Trading Ideas:
–Natural Gas trading range for the day is 204-209.4.
–Natural gas gains on forecasts for hotter weather in early September and posted their first monthly gain after two months amid concerns about low inventories.
–Despite a higher injection, inventories are about 19 percent below the five-year average for this time of year, and the lowest for the week since 2003.
–Production in the Lower 48 U.S. states averaged a record 82.6 billion cubic feet per day (bcfd) over the past 30 days.
Courtesy: Kedia Commodities
Source: Commodityonline.com
