MCX Nickel expected to trade between 765.3-805.7
MCX Aluminium under long liquidation
MCX Mentha Oil under fresh selling; Resistance seen at 1363.6
Zinc market under fresh selling; Support seen at 182.4
Copper market under short covering; Support seen at 438.3
Technically now Crude Oil is getting support at 3643 and below same could see a test of 3595 levels and resistance is now likely to be seen at 3769, a move above could see prices testing 3847.
Crude Oil on MCX settled down -0.7% at 3690 weighed down by falling U.S. stock markets, while weak economic data from China pointed to lower fuel demand in the world’s biggest oil importer.
The International Energy Agency (IEA), which represents the interest of energy consumers in the West, gave oil bulls some hope by forecasting a supply deficit in the second quarter of next year, versus a month ago when it said that it expected a surplus for all of 2019.
The forecast came after the OPEC said earlier this week that 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces. OPEC and its allies reached an agreed last week to cut oil production by more than the market had expected.
OPEC said it replaced a drop in Iranian exports as U.S. sanctions resumed and lowered the 2019 forecast of demand for its crude, underlining its challenge to prevent a glut building even after last week’s decision to trim output.
In a monthly report, OPEC said its oil output fell by only 11,000 barrels per day, month on month, to 32.97 million bpd in November, despite President Donald Trump’s reimposition of sanctions on Iran, as Saudi Arabia pumped at a record rate.
The Organization of the Petroleum Exporting Countries also said 2019 demand for its crude would fall to 31.44 million bpd, 100,000 less than predicted last month, as rivals pump more and a slowing economy curbs demand growth.
Trading Ideas:
— Crude Oil trading range for the day is 3595-3847.
— Crude Oil dropped weighed down by falling U.S. stock markets, while weak economic data from China pointed to lower fuel demand.
–The IEA gave oil bulls some hope by forecasting a supply deficit in the second quarter of next year.
–The shutdown of Libya’s El Sharara oilfield has not affected the El-Feel field, which uses the same power supply.
Courtesy: Kedia Commodities
Source: Commodityonline.com
