MCX Natural Gas may move in a range of 289.3-314.5
MCX Copper may trade between 419.9-432.7 levels
MCX Zinc likely to move in a range of 174.5-178.5
MCX Nickel may trade between 750.5-768.9 levels
MCX Aluminium likely to move in a range of 134.5-137.9
Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 1.36% to settled at 16931.
Now MCX Crude Oil is getting support at 3566 and below same could see a test of 3502 level, And resistance is now likely to be seen at 3710, a move above could see prices testing 3790.
Crude Oil on MCX settled down 1.28% at 3631 pulled down by record Saudi Arabian production even as OPEC’s top producer pushes for supply cuts ahead of the group’s meeting in Austria next week.
Prices dipped weighed down by uncertainty over the U.S.-China trade war and signs of increased global crude production, but losses were limited by expectations that crude exporters would agree to cut output at an upcoming OPEC meeting.
The Organization of the Petroleum Exporting Countries (OPEC) will meet at its headquarters in Vienna, Austria, on Dec. 6 to discuss output policy.
The OPEC-meeting will follow a gathering by the Group of 20 (G20) nations, which includes the world’s biggest economies, in Argentina this weekend, at which the Sino-American trade dispute as well as oil policy are expected to be discussed.
Portfolio managers have slashed their combined net long position in crude futures by a total of 607 million barrels over the last eight weeks, the largest reduction over a comparable period since at least 2013, when the current data series began, exchange data showed.
A concern to global markets is a slowdown in global trade as a result of the Sino-American trade dispute, swelling debt and a strong dollar that puts pressure on emerging markets.
The World Trade Organization (WTO) said in its latest outlook, published on Tuesday, that “trade growth is likely to slow further into the fourth quarter of 2018”, with growth likely at its slowest since Oct. 2016.
Trading Ideas:
–Crude Oil trading range for the day is 3502-3790.
–Crude Oil slipped pulled down by record Saudi Arabian production even as OPEC’s top producer pushes for supply cuts ahead of the group’s meeting in Austria next week.
–Saudi Arabia raised oil production to an all-time high in November, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.
–Saudi Arabia has been pushing for an OPEC cut, indicating it may reduce supply by 500,000 bpd.
Courtesy: Kedia Commodities
Source: Commodityonline.com
