Natural Gas market under fresh buying; Support seen at 220.8
MCX Silver expected to trade in a range between 37290-38866
MCX Gold expected to trade in a range between 30682-30916
MCX Crude Palm Oil under short covering; Support seen at 592.2
Ref. Soya Oil market under short covering
Technically now Crude Oil is getting support at 5241 and below same could see a test of 5210 levels and resistance is now likely to be seen at 5304, a move above could see prices testing 5336.
Crude Oil pared gains on profit booking after prices seen supported as U.S. President Trump vowed in a U.N. speech that there will be no reprieve for Iran from sanctions on its oil exports.
Oil has rallied with little pause over the past two weeks on worries about Trump’s plans to bring Iranian crude shipments to zero through the impending sanctions on the country.
But the president has also been sending mixed signals to the market by calling on the Organization of the Petroleum Exporting Countries (OPEC) to put a lid on the rally, saying he would sell supplies from the U.S. Strategic Petroleum Reserve, if necessary, to curb rising prices at the pump. In a speech at the UN, Trump reiterated calls on the Organization of the Petroleum Exporting Countries to pump more oil and stop raising prices.
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The so-called ‘OPEC+’ group, which includes Russia, Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group was in no rush to do so. Mohammad Barkindo, OPEC secretary general, said in Madrid that OPEC and its partners should cooperate to ensure they do not “fall from one crisis to another”.
Also weighing on sentiment was an industry report showing U.S. crude stocks unexpectedly climbed last week. Crude inventories rose by 2.9 million barrels in the week to Sept. 21 to 400 million, compared with expectations for a decrease of 1.3 million barrels, the American Petroleum Institute said.
Trading Ideas:
–Crude oil trading range for the day is 5210-5336.
–Crude oil pared gains on profit booking after prices seen supported as U.S. President Trump vowed in a U.N. speech that there will be no reprieve for Iran from sanctions.
–Mohammad Barkindo, OPEC secretary general, said in Madrid that OPEC and its partners should cooperate to ensure they do not “fall from one crisis to another”.
–Crude inventories rose by 2.9 million barrels in the week to Sept. 21 to 400 million, compared with expectations for a decrease of 1.3 million barrels, the APi said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
