Zinc market under long liquidation; Support seen at 185
MCX Copper may trade in a range between 437.9-455.3
MCX Cotton under fresh selling; Resistance seen at 22430
MCX Cardamom under fresh buying; Support seen 1415.2
NCDEX Jeera likely to move in a range of 20740-21780
Technically Natural Gas market is under fresh buying as market has witnessed gain in open interest by 75.42% to settled at 7985 while prices up 17.1 rupees.
Now Natural Gas is getting support at 246.4 and below same could see a test of 235.3 levels and resistance is now likely to be seen at 264.7, a move above could see prices testing 271.9.
Natural Gas on MCX settled up 7.11% at 257.6 on forecasts for much colder weather and higher heating demand than previously expected over the next two weeks.
With heating demand expected to jump next week and exports projected to climb with the start-up of two new liquefied natural gas export trains and a big new pipeline to Mexico, utilities would likely not be able to keep injecting gas into storage beyond this week.
The total degree days (TDDs) in the lower 48 U.S. states jumped to 334 over the next two weeks, up from an expected 270 on Friday. that compared with normal TDDs of 263 for this time of year.
The projected demand in the lower 48 U.S. states would jump to 106.3 billion cubic feet per day (bcfd) next week, up from an expected 97.8 bcfd on Friday. That compared with a forecast 87.2 bcfd this week. Output in the lower 48 states averaged a record-high 86.7 bcfd over the past 30 days.
On a daily basis, output rose to an all-time high of 88.0 bcfd on Oct. 31, according to data. The utilities likely added a bigger-than-normal 54 billion cubic feet (bcf) of gas into storage during the week ended Nov. 2.
That compared with a build of 22 bcf during the same week last year and a five-year average build of 48 bcf for the period.
Trading Ideas:
–Natural Gas trading range for the day is 235.3-271.9.
–Natural gas soared on forecasts for much colder weather and higher heating demand than previously expected over the next two weeks.
–With heating demand expected to jump next week and exports projected to climb with the start-up of two new liquefied natural gas export trains.
–The demand in the lower 48 U.S. states would jump to 106.3 billion cubic feet per day (bcfd) next week, up from an expected 97.8 bcfd.
Courtesy: Kedia Commodities
Source: Commodityonline.com
