Zinc market under long liquidation; Support seen at 186.4
MCX Copper may trade between 410.6-423.8 levels
Natural Gas market under short covering; Support seen at 216.2
Silver market under fresh selling; Support seen at 38768
MCX Gold likely to trade in a range between 31878-32218
Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 5.71% to settled at 11428 while prices up 50 rupees.
Now MCX Crude Oil is getting support at 3733 and below same could see a test of 3675 levels and resistance is now likely to be seen at 3827, a move above could see prices testing 3863.
Crude Oil on MCX settled up 1.34% at 3791 boosted by the U.S. threat of sanctions on Venezuela, but gains were capped by record high gasoline inventories and an unexpected big build in crude stocks in the United States.
U.S. crude inventories sharply rose by 8 million barrels last week, the Energy Information Administration said. Gasoline stocks rose for the eighth straight week to a record 259.7 million barrels, as demand for the motor fuel over the past four weeks fell 0.1 percent from a year ago.
Crude inventories rose by 6.6 million barrels in the week ended Jan. 18 to 443.6 million, according to the American Petroleum Institute (API). Oil market sentiment was also weakened by an increase in U.S. crude inventories after refineries cut output, data from industry group the American Petroleum Institute showed.
Russia & Saudi Arabia Energy Ministers canceled their planned meeting to discuss the Oil market and their recent agreement to curb oil production reached last month due to “scheduling conflicts.”
There have been no proposals to convene an emergency meeting of the OPEC and non-OPEC monitoring committee because of the political turmoil in OPEC member Venezuela, Russian Energy Minister Alexander Novak said.
Venezuelan opposition leader Juan Guaido declared himself interim president, winning the backing of Washington and prompting socialist incumbent Nicolas Maduro, who has led the oil-rich nation since 2013, to sever diplomatic relations with the United States.
Trading Ideas:
–Crude Oil trading range for the day is 3675-3863.
–Crude oil gained boosted by the U.S. threat of sanctions on Venezuela.
–U.S. crude inventories sharply rose by 8 million barrels last week, the Energy Information Administration said.
–Russia & Saudi Arabia Energy Ministers canceled their planned meeting to discuss their recent agreement to curb oil production reached due to “scheduling conflicts.”
Courtesy: Kedia Commodities
Source: Commodityonline.com
