MCX Mentha Oil likely to trade in a range of 1672.1-1715.7
MCX Aluminium may trade between 134.3-137.3 levels
MCX Nickel may move in a range of 747.3-772.5
MCX Zinc likely to move in a range of 172.2-185
MCX Copper likely to move in a range of 421.1-442.5
Technically MCX Crude Oil is getting support at 3574 and below same could see a test of 3515 level, And resistance is now likely to be seen at 3708, a move above could see prices testing 3783.
Crude Oil prices remained under pressure from U.S. government data that revealed a tenth straight weekly climb in domestic crude inventories. U.S. crude oil inventories rose more than expected last week, adding to selling pressure.
The EIA data showed that crude oil inventories increased by 3.58 million barrels in the week to Nov. 23. That was compared to forecasts for a stockpile build of 0.77 million barrels, after a build of 4.85 million barrels in the previous week.
The EIA report also showed that gasoline inventories unexpectedly fell by 0.76 million barrels, compared to expectations for a build of 0.64 million barrels, while distillate stockpiles registered a surprise gain of 2.61 million barrels, compared to forecasts for a decrease of 0.86 million.
Oil prices have been under pressure since hitting a four-year high on Oct. 3 with U.S. crude down more than 30% as trader’s fret over increasing production and the global economic impact of a potential trade war between the U.S. and China dampening appetite.
With U.S. and Saudi production near record highs, concerns have heightened over a global supply glut driving prices lower.
The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Vienna, Austria on Dec. 6 to discuss a new round of production cuts of 1 million to 1.4 million barrels per day (bpd) and possibly more, OPEC delegates told Reuters earlier this month. Next week’s OPEC meeting will follow a gathering by the Group of 20 nations in Argentina from Nov. 30 to Dec. 1.
Trading Ideas:
–Crude Oil trading range for the day is 3515-3783.
–Crude Oil prices remained under pressure from U.S. government data that revealed a tenth straight weekly climb in domestic crude inventories.
–U.S. crude inventories added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the EIA said.
–The EIA report also showed that gasoline inventories unexpectedly fell by 0.76 million barrels, compared to expectations for a build of 0.64 million barrels.
Courtesy: Kedia Commodities
Source: Commodityonline.com
