MCX Cardamom under fresh buying; Resistance seen at 1378.6
MCX Cotton under fresh selling; Support seen at 22600
Silver market under fresh selling; Support seen at 36455
Gold market under long liquidation; Support seen at 30110
Long liquidation seen in NCDEX Turmeric
Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 16.39% to settled at 15953.
Now MCX Crude Oil is getting support at 4962 and below same could see a test of 4912 level, And resistance is now likely to be seen at 5088, a move above could see prices testing 5164.
Crude oil settled flat paring all of its gains on report of rising supplies at Cushing, Okla after prices rallied on expectations for supply disruptions as a hurricane is expected to make landfall on the U.S. Gulf coast.
Prices jumped as dozens of U.S. oil and gas platforms in the Gulf of Mexico were shut in anticipation of tropical storm Gordon hitting the region. But the storm was shifting eastward late on Tuesday, reducing its threat to producers on the western side of the Gulf and most Gulf Coast refineries.
Innes said the price outlook for crude was still bullish, in large part because of U.S. sanctions targeting Iran’s oil sector from November. Information provider Genscape reportedly said U.S. crude inventories at Cushing had risen in the week, according to traders. Stockpiles at the hub rose by 0.754 million barrels from Aug. 24 to Friday.
The prospect of rising domestic supplies comes against a backdrop of fears that global supplies are set to come pressure amid signs that Iran’s oil exports are facing pressure ahead of U.S. sanctions slated for early November.
President Donald Trump pulled the United States out of the Iran nuclear agreement in May, allowing sanctions against Iran to snap back into place. The first wave of sanctions went into effect last month and a second set of sanctions on Iran’s crude exports are slated for early November.
Trading Ideas:
–Crude Oil trading range for the day is 4912-5164.
–Crude oil settled flat paring all of its gains on report of rising supplies at Cushing, Okla after prices rallied on expectations for supply disruptions.
–Prices earlier seen supported after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane.
–Increased evidence of supply risks continues to push oil prices, as additional US sanctions on Iran begin to bite while stalled Russian output levels combined with dwindling supplies.
Courtesy: Kedia Commodities
Source: Commodityonline.com
