MCX Natural Gas may trade between 196.8-204.2 levels
Long liquidation seen in MCX Cotton
MCX Cardamom likely to move in a range of 1370.7-1433.7
Jeera market under fresh selling; Support seen at 19860
NCDEX Turmeric under short covering; Resistance seen at 6779
Technically Crude oil market is under short covering as market has witnessed drop in open interest by 1.32% to settled at 10321 while prices up 32 rupees.
Now MCX Crude Oil is getting support at 4883 and below same could see a test of 4817 levels and resistance is now likely to be seen at 5020, a move above could see prices testing 5091.
Crude oil on MCX settled up 0.65% at 4950 after comments from U.S. officials surrounding their plans to impose sanctions on Iranian oil renewed concerns over tighter global crude supplies. Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation rose by 7 to 867 this week.
The rise in rig counts, pointing to signs of expanding crude output, dented investor optimism for a continued drop in production, which fell to 10.9 million barrels a day last week. Oil prices also continued to enjoy a boost from expectations for tighter global supplies amid signs of falling demand for Iranian crude ahead of U.S. sanctions.
India, Iran’s second-biggest oil customer, reportedly will cut its monthly loadings from Iran for September and October by nearly half from earlier this year. The weekly rise in oil prices was further supported by positive data showing crude stockpiles fell to a three-and-a-half-year low, renewing investor bets on a global supply shortage, which would boost oil prices.
Inventories of U.S. crude fell by 5.296 million barrels for the week ended Sept. 7, beating expectations for a draw of 1.300 million barrels, according to data from the Energy Information Administration (EIA). The large draw in crude supplies comes as imports fell by about 0.443 million barrels per day (bpd), while exports declined by 0.320 million bpd, data from EIA showed.
Trading Ideas:
–Crude oil trading range for the day is 4817-5091.
–Crude oil gained after comments from U.S. officials surrounding their plans to impose sanctions on Iranian oil renewed concerns over tighter global crude supplies.
–Oil prices also continued to enjoy a boost from expectations for tighter global supplies amid signs of falling demand for Iranian crude ahead of U.S. sanctions.
–Oilfield services firm Baker Hughes reported that the number of U.S. oil drilling rigs in operation rose by 7 to 867 this week.
Courtesy: Kedia Commodities
Source: Commodityonline.com
