MCX Silver may trade in a range between 36900-38536
Gold market under fresh buying; Support seen at 31073
MCX Cotton under fresh buying; Resistance seen at 22050
NCDEX Chana under fresh selling; Support seen at 4585
MCX Zinc under long liquidation
Technically market is under short covering as market has witnessed drop in open interest by 34.51% to settle at 12836.
Now MCX Crude Oil is getting support at 3668 and below same could see a test of 3488 levels and resistance is now likely to be seen at 3946, a move above could see prices testing 4044.
Crude Oil on MCX settled up 6.36% at 3849 as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market. But Saudi Arabia voiced pessimism on whether an agreement could be reached as Iran insisted on an exemption.
The slight recovery came after crude slumped by almost 3 percent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, without announcing a decision to cut crude supply.
Iran appeared to be the main obstacle for an OPEC deal to cut oil production, as the group’s leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran, two OPEC sources said. Saudi Energy Minister Khalid al-Falih said he was not confident a deal could be reached. OPEC also wants to get Russia on board with cuts.
Russian energy minister Alexander Novak returned to Vienna on Friday after discussing OPEC with Russian President Vladimir Putin in Moscow. Novak said Russia would seek an agreement with OPEC and non-OPEC producers and a Russian Energy Ministry source said Moscow was ready to contribute a cut of around 200,000 bpd, up from the initial 150,000 bpd previously floated.
OPEC delegates have been pushing for Moscow to cut around 250,000 bpd. Oil producers have been hit by a 30 percent plunge in crude prices since October, as supply surges just as the demand outlook weakens amid a global economic slowdown.
Trading Ideas:
–Crude Oil trading range for the day is 3488-4044.
–Crude oil gained as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.
–Iran appeared to be the main obstacle for an OPEC deal to cut oil production, as the group’s leader Saudi Arabia had yet to agree exemptions for sanctions-hit Tehran.
–Iran gave OPEC the green light on Friday to cut oil output by around 0.8 million barrels per day from 2019.
Courtesy: Kedia Commodities
Source: Commodityonline.com
