MCX Copper likely to trade in a range between 431.3-441.7
Natural Gas likely to trade in range between 232.9-247.3
MCX Nickel may trade between 841-882.6 levels
MCX Aluminium likely to move in a range of 144-148
MCX Menthol Oil under fresh buying; Support seen at 1804.6
Technically now Crude Oil is getting support at 4857 and below same could see a test of 4822 level and resistance is now likely to be seen at 4943, a move above could see prices testing 4994.
Crude Oil remained under pressure on evidence of rising global crude supply, but losses were limited by signs of strong U.S. demand for fuel. U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week.
The EIA data showed that crude oil inventories increased by 3.22 million barrels in the week to October 26. That was compared to forecasts for a stockpile build of 4.11 million barrels, after a build of 6.35 million barrels in the previous week.
OPEC has boosted oil production in October to the highest since 2016, a Reuters survey found, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to U.S. sanctions.
The 15-member Organization of the Petroleum Exporting Countries has pumped 33.31 million barrels per day this month, the survey on Wednesday found, up 390,000 bpd from September and the highest by OPEC as a group since December 2016. OPEC agreed in June to pump more oil after pressure from U.S. President Donald Trump to curb rising prices and make up for an expected shortfall in Iranian exports.
Oil (LCOc1) hit a four-year high of $86.74 a barrel on Oct. 3 but has since eased to $76 as concerns over tight supplies faded. U.S. President Donald Trump said on Wednesday in a presidential memorandum that he had determined there was sufficient supply of petroleum and petroleum products from nations other than Iran to permit a reduction in purchases from that country.
Trading Ideas:
–Crude Oil trading range for the day is 4822-4994.
–Crude Oil prices seen under pressure on evidence of rising global crude supply, but losses were limited by signs of strong U.S. demand for fuel.
–U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week.
–Oil production from Russia, the United States and Saudi Arabia reached 33 million barrels per day (bpd) for the first time in September, data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
