MCX Silver may trade in a range between 37187-37777
Gold market under fresh buying; Support seen at 31330
NCDEX Jeera under long liquidation; Support seen at 16970
Long liquidation seen in NCDEX Turmeric
NCDEX Mustard Seed likely to move in a range of 3861-3995
Technically Crude Oil market is under fresh selling as market has witnessed gain in open interest by 10.29% to settled at 26754 while prices down 159 rupees.
Now Crudeoil is getting support at 2993 and below same could see a test of 2909 levels and resistance is now likely to be seen at 3210, a move above could see prices testing 3343.
Crude Oil on MCX settled down -4.91% at 3077 pulling back sharply late in the session as fears of an economic slowdown rattled the market. Iraq is willing to extend the OPEC and non-OPEC oil production cut agreement in April, oil minister Thamir Ghadhban said.
Ghadhban said he agreed with the Saudi oil minister’s expectation that the decision would be renewed, adding that Iraq would be watching oil prices and how they react over time. Markets across asset classes have come under pressure as the U.S. government shutdown that began just after midnight on Saturday intensified growth concerns.
Investors have flocked to safe-haven assets such as gold and government debt at the expense of crude oil and stocks. A gauge of stocks worldwide hurtled toward an eighth straight decline on Monday as investors ignored the U.S. Treasury secretary’s actions to reinforce confidence in the economy and U.S. President Donald Trump criticized the Federal Reserve as “the only problem our economy has.”
The Organization of the Petroleum Exporting Countries and allies led by Russia agreed this month to cut oil production by 1.2 million barrels per day from January. Should that fail to balance the market, OPEC and its allies will hold an extraordinary meeting, United Arab Emirates Energy Minister Suhail al-Mazrouei said.
Trading Ideas:
–Crude oil trading range for the day is 2909-3343.
–Crude oil prices plunged as fears of an economic slowdown rattled the market.
–The boom in U.S. shale output has boosted the country into the top producer spot over traditional suppliers Saudi Arabia and Russia.
–OPEC and Russia agreed earlier this month to cut oil production by 1.2 million barrels per day (bpd) starting in January to address the supply issues.
Courtesy: Kedia Commodities
Source: Commodityonline.com
