MCX Zinc likely to trade in a range between 194.7-199.9
MCX Copper expected to trade between 456-470.4 levels
Natural Gas under long liquidation; Support seen at 196.9
MCX Silver expected to trade in a range between 39394-40422
MCX Gold likely to trade in a range between 33007-33757
Technically now Crude Oil is getting support at 4010 and below same could see a test of 3932 levels and resistance is now likely to be seen at 4132, a move above could see prices testing 4176.
Crude Oil on MCX settled up 3.47% at 4089 after U.S. crude inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from U.S. President Donald Trump seeking to keep oil prices from climbing.
U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.
The drawdown, which breaks five consecutive weeks of builds, was due to net crude imports slowing to a record low of 2.6 million barrels per day in the wake of declining OPEC production and U.S. sanctions against Venezuela.
Crude oil gained after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump. U.S. crude oil inventories fell by 4.2 million barrels in the week to Feb. 22, to 444.3 million barrels, the American Petroleum Institute (API) estimated in a weekly report.
Oil markets have generally received support this year from supply curbs by the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-affiliated producers like Russia, known as OPEC+, agreed late last year to cut output by 1.2 million barrels per day (bpd) to prop up prices.
Despite the OPEC-led curbs, oil remains in ample supply as U.S. crude production has risen by more than 2 million bpd over the past year, to a record 12 million bpd, and because demand growth is low due to a global economic slowdown and improving energy efficiency across industries.
Trading Ideas:
–Crude Oil trading range for the day is 3932-4176.
–Crude oil gained after crude inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from President Trump seeking to keep oil prices from climbing.
–U.S. crude stockpiles fell 8.6 million barrels last week, in contrast to expectations for an increase of 2.8 million barrels, government data showed.
–U.S. crude oil inventories fell by 4.2 million barrels in the week to Feb. 22, to 444.3 million barrels, the API estimated in a weekly report.
Courtesy: Kedia Commodities
Source: Commodityonline.com
