MCX Copper may trade in a range between 404.2-414.6
Natural Gas market under fresh selling; Support seen at 202.7
NCDEX Soyabean under fresh buying; Resistance seen at 3526
NCDEX Ref.Soya Oil likely to trade in range between 729-745
MCX Crude Palm Oil under short covering; Support seen at 531.2
Technically MCX Crude Oil is getting support at 3383 and below same could see a test of 3325 levels and resistance is now likely to be seen at 3490, a move above could see prices testing 3539.
Crude Oil on MCX settled up 2.81% at 3442 lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market.
The United States and Beijing have been locked in an escalating trade spat since early 2018, raising import tariffs on each other’s goods. The dispute has weighed on economic growth.
Despite the likelihood of a slowdown, crude future prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia.
OPEC oil supply fell in December by 460,000 barrels per day (bpd), to 32.68 million bpd, a survey found last week, led by cuts from top exporter Saudi Arabia. In the United States, crude oil production stayed at a record 11.7 million barrels per day (bpd) in the last week of 2018, according to weekly data by the Energy Information Administration (EIA).
Crude oil inventories rose by 7,000 barrels in the week ending Dec. 28, to 441.42 million barrels. Distillate and gasoline stocks, however, rose by a whopping 9.5 million and 6.9 million barrels, to 119.9 million and 240 million barrels respectively, the EIA data showed.
Libya aims to more than double its oil production to 2.1 million barrels per day (bpd) by 2021 provided security and stability are strengthened in the conflict-stricken country, the chairman of state oil company NOC said in Benghazi.
Trading Ideas:
–Crude Oil trading range for the day is 3325-3539.
–Crude oil rose lifted by optimism that talks could soon resolve the trade war between US and China, while supply cuts by major producers also supported.
–Prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated OPEC as well as non-OPEC Russia.
–OPEC oil supply fell in December by 460,000 bpd, to 32.68 million bpd, a survey found last week, led by cuts from top exporter Saudi Arabia.
Courtesy: Kedia Commodities
Source: Commodityonline.com
