Cotton market under fresh buying;Support seen at 22676
MCX Cardamom may trade between 1347.2-1413.2 levels
MCX Silver may trade in a range between 37195-37865
NCDEX Jeera under fresh buying; Resistance seen at 19490
NCDEX Turmeric under long liquidation
Technically now Crude Oil is getting support at 4954 and below same could see a test of 4896 levels and resistance is now likely to be seen at 5044, a move above could see prices testing 5076.
Crude oil gained as falling Iranian output supported concerns over tightening markets. Oil prices have been driven higher in the past few months as demand for oil outsrips supply and upcoming U.S. sanctions against Iran have also supported prices.
The financial sanctions against Iran will target the petroleum sector of Iran in November, when a drop of crude supply is expected. Meanwhile roduction by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a high of 32.79 million bpd, a Reuters survey showed.
The Saudi-led coalition fighting in Yemen said it had intercepted and destroyed a ballistic missile fired at the southern Saudi city of Jizan by the Iranian-aligned Houthis, who said separately they were targeting a Saudi Aramco facility.
Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a survey showed. Output was boosted by a recovery in Libyan production and as Iraq’s southern exports hit a record high.
U.S. drillers added oil rigs for the first time in three weeks, increasing the rig count by 2 to 862. The high rig count has helped lift U.S. crude production by more than 30 percent since mid-2016 to 11 million bpd. Meanwhile, trade disputes between the United States and other major economies, including China and the European Union, are expected to hurt oil demand if they are not settled soon.
Trading Ideas:
–Crude Oil trading range for the day is 4896-5076.
–Crude oil gained as falling Iranian output supported concerns over tightening markets.
–Output from the producer cartel of the OPEC rose by 220,000 barrels per day (bpd) between July and August, to a 2018-high of 32.79 million bpd.
–Output was boosted by a recovery in Libyan production and as Iraq’s southern exports hit a record.
Courtesy: Kedia Commodities
Source: Commodityonline.com
