MCX Copper likely to move in a range of 433.2-442
MCX Natural Gas may move in a range of 205.1-219.3
MCX Silver likely to move in a range of 37093-37473
MCX Gold may trade between 30502-30718 levels
MCX Nickel under short covering; Resistance seen at 905.3
Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 5.58% to settled at 13293 while prices down 36 rupees.
Now MCX Crude Oil is getting support at 5032 and below same could see a test of 5002 level, And resistance is now likely to be seen at 5114, a move above could see prices testing 5166.
Crude Oil on MCX settled down 0.71% at 5063 after U.S. President Donald Trump took another swipe at global oil producers. President Trump tweeted that the Organization of the Petroleum Exporting Countries (OPEC) needs to keep crude prices lower because of the military protection the U.S. provides for the region.
The cartel, which includes Saudi Arabia and Iran, will meet in Algeria with non-OPEC producers such as Russia to discuss production levels. Under pressure from the U.S. president, OPEC, Russia and other allies agreed in June to boost production by 1 million barrels per day (bpd), having participated in a supply-cutting deal since 2017.
OPEC sources say there is no immediate plan for any official action this weekend, although pressure is mounting on top producers to prevent a spike in oil prices ahead of new U.S. sanctions on Iran. Iran is the third-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC), supplying around 2.5 million barrels per day (bpd) of crude and condensate to markets this year, equivalent to around 2.5% of global consumption.
Crude exports from the Islamic republic are down by almost a third since April, sliding below 2 million bpd in August, and continuing to deteriorate in the first half of September. Washington wants to cut Iran’s oil exports to zero, and is encouraging producers such as Saudi Arabia, other OPEC members and Russia to pump more to meet the shortfall.
Trading Ideas:
–Crude Oil trading range for the day is 5002-5166.
–Crude Oil prices turned lower after U.S. President Donald Trump took another swipe at global oil producers.
–US President Trump tweeted that the OPEC needs to keep crude prices lower because of the military protection the U.S. provides for the region.
–Iran is the third-biggest producer in the OPEC, supplying around 2.5 million barrels per day (bpd) of crude and condensate to markets this year.
Courtesy: Kedia Commodities
Source: Commodityonline.com
