MCX Nickel under fresh buying; Resistance seen at 903.7
MCX Aluminium expected to trade between 143.1-150.5 levels
MCX Mentha Oil under short covering; Support seen at 1694
NCDEX Turmeric may trade between 6560-6844 levels
NCDEX Jeera likely to move in a range of 19205-19785
Technically Natural Gas market is getting support at 199.2 and below same could see a test of 198.3 levels and resistance is now likely to be seen at 201.6, a move above could see prices testing 203.1.
Natural Gas on MCX settled down -0.25% at 200.20 moved lower following an in line inventory report released by the Department of Energy. Inventories remain well below the 5-year average range. Hurricane activity does not appear to be threatening any land or rigs in the gulf, which has taken some of the wind out of natural gas.
Last night the U.S. Energy Information Administration reported that domestic supplies of natural gas rose by 63 billion cubic feet for the week ended August 31. While market players had forecast a climb of 60 billion cubic feet, while the average over the last five years for the same week was a rise of 65 billion.
Total stocks now stand at 2.568 trillion cubic feet, down 643 billion cubic feet from a year ago, and 590 billion below the five-year average, the government said. Meanwhile hot conditions continue along the East Coast for one last day with highs near 90°F, although cooling Friday into the 70s to lower 80s as a cool front arrives after pushing across the Ohio Valley.
It will be warm and wet over the Plains and east-central US as moisture and remnants from Gordon aids widespread showers and thunderstorms. Numerous weather systems will impact the country this weekend with highs in the 70s and 80s besides the far southern US and portions of the West for lighter demand.
However, high pressure will re-strengthen next week with 80s to lower 90s gaining ground back. Natural gas prices remain depressed due to too much production, even though inventory levels are below both last year’s total and the five-year average.
Trading Ideas:
–Natural gas trading range for the day is 198.3-203.1.
–Natural Gas ended with losses as latest weather forecasts were for less warm weather and lower cooling demand next week.
–Natural gas prices remain depressed due to too much production, even though inventory levels are below both last year’s total and the five-year average.
–The U.S. Energy Information Administration (EIA) reported Thursday that U.S. natural gas stockpiles increased by 63 billion cubic feet for the week ending August 31.
Courtesy: Kedia Commodities
Source: Commodityonline.com
