MCX Zinc expected to trade in a range between 181.2-193.2
MCX Copper likely to trade in a range between 425.8-453.6
MCX Crude Oil may trade in range between 3641-4225.
MCX Nickel expected to trade between 773.2-814.4 levels
MCX Aluminium likely to move in a range of 136.8-140
MCX Natural Gas is getting support at 318.8 and below same could see a test of 298.3 levels and resistance is now likely to be seen at 350.8, a move above could see prices testing 362.3.
Natural Gas on MCX settled up 13.86% at 339.20 tracking firmness from NYMEX Natural gas prices which rose 23¢ to close at a rounded $4.27/MMbtu on Nov. 16 as a strong cold blast is currently impacting the central and northern US with lows the next few nights of single digits to 20s north, and 20s to 30s into Texas and portions of the South.
The cold front will push through the East Mon-Wed with rain and snow showers. A milder break will set up across much of the country Fri-Sun before the next weather systems develops over the west-central US late next weekend, then advancing eastward. Milder exceptions this week will be across portions of the West and far southern and southeastern US.
Overall, demand will be VERY HIGH. Natural gas prices surged higher rebounding more than 7% on Monday as colder than normal weather is forecast to cover most of the mid-west and east coast of the United States for the next 2-weeks.
Demand rose significantly during the past reporting week, and inventories are well below the 5-year average range. Demand rises significantly with higher consumption in the residential/commercial sectors.
Total U.S. consumption of natural gas rose by 27% compared with the previous report week, according to data from the EIA, as cooler-than-normal weather blanketed most of the Lower 48 states. This increase was led by the residential and commercial sectors, where consumption increased by 58%.
Natural gas consumed for power generation climbed 16% week over week. Industrial sector consumption increased by 7% week over week. Natural gas exports to Mexico decreased 2%.
Trading Ideas:
–Natural Gas trading range for the day is 293.9-343.1.
–Natural Gas retreated after forecasts for a little less cold weather and heating demand over the next two weeks than previously expected.
–Utilities likely pulled gas out of storage for the first time this season during the extremely frigid weather during the week ended Nov. 16.
–Gas output in the lower 48 states averaged a record high 87.0 bcfd over the past 30 days.
Courtesy: Kedia Commodities
Source: Commodityonline.com
