MCX Natural Gas expected to trade in a range between 211.6-226
MCX Nickel likely to move in a range of 909.3-965.3
MCX Aluminium may trade between 145-151.2 levels
MCX Mentha Oil likely to trade in a range of 1647.9-1736.9
Silver market under short covering; Support seen at 37499
Technically Crude oil market is under fresh buying as market has witnessed gain in open interest by 23.04% to settled at 18988 while prices up 127 rupees.
Now MCX Crude Oil is getting support at 5179 and below same could see a test of 5086 levels and resistance is now likely to be seen at 5336, a move above could see prices testing 5400.
Crude oil rallied after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply. Oil markets have been driven up by looming U.S. sanctions against Iran and an unwillingness or inability by Middle East dominated producer cartel OPEC and Russia to raise output.
The United States from November will target Iran’s oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.
U.S. President Donald Trump has demanded that the Organization of the Petroleum Exporting Countries (OPEC), of which Iran is a member, and Russia increase their supplies to make up for the expected fall in Iranian exports.
The Organization of the Petroleum Exporting Countries and non-OPEC states, including top producer Russia, gathered in Algiers on Sunday for a meeting that ended with no formal recommendation for any additional supply boost to counter falling supply from Iran.
OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday effectively rebuffed Trump’s demand for moves to cool the market. “I do not influence prices,” Saudi Energy Minister Khalid al-Falih told reporters on Sunday.
Indian refiners – struggling from high crude feedstock prices and a sliding rupee – are planning to reduce oil imports in what could be a first sign that high prices are starting to hurt demand.
Trading Ideas:
–Crude oil trading range for the day is 5086-5400.
–Crude oil rallied after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.
–Amid a tightening market, U.S. commercial crude oil inventories are at their lowest level since early 2015.
–OPEC as well as top producer Russia are discussing raising output to counter falling supply from Iran, although no decision has been made public yet.
Courtesy: Kedia Commodities
Source: Commodityonline.com
