MCX Zinc likely to move in a range of 190.2-200.4
MCX Copper likely to move in a range of 444.2-453.8
MCX Natural Gas may trade in a range between 188.1-197.7
MCX Nickel under long liquidation; Resistance seen at 945.9
MCX Aluminium likely to move in a range of 134.6-139.6
Technically Crude Oil market is under fresh buying as market has witnessed gain in open interest by 7.25% to settle at 10765.
Now MCX Crude Oil is getting support at 3821 and below same could see a test of 3760 levels and resistance is now likely to be seen at 3918, a move above could see prices testing 3954.
Crude Oil on MCX settled up 0.94% at 3881 after weekly U.S. government data revealed smaller-than-expected increases in domestic crude and gasoline supplies, but concerns surrounding a potential slowdown in global energy demand continued to limited any price gains.
U.S. sanctions on Venezuela have been viewed as supportive for prices by helping tighten global supplies. A flotilla loaded with Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed to production cuts effective from last month to beat back supply growth. However, U.S. crude stocks rose last week even as refineries boosted output, while gasoline and distillate stocks increased, data from industry group the American Petroleum Institute showed.
Crude inventories rose by 2.5 million barrels in the week ended Feb. 1 to 448.2 million, compared with analysts’ expectations for an increase of 2.2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 889,000 barrels, API said.
Hedge funds and money managers cut bullish wagers on U.S. crude in the week to Dec. 31, data showed, as oil prices whipsawed on concerns about global economic growth and worries of oversupply.
The speculator group cut its combined futures and options net long position in New York and London by 10,286 contracts to 121,337, the U.S. Commodity Futures Trading Commission (CFTC) said.
Trading Ideas:
–Crude Oil trading range for the day is 3760-3954.
–Crude oil gained after weekly U.S. government data revealed smaller-than-expected increases in domestic crude and gasoline supplies.
–Global economic worries have weighed on market sentiment in recent days, offsetting support from signs that global supplies are tightening.
–U.S. crude stocks rose even as refineries boosted output, while gasoline and distillate stocks increased, data from the American Petroleum Institute showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
