MCX Gold under long liquidation; Resistance seen at 32207
MCX Silver likely to move in a range of 37763-38841
MCX Natural Gas under fresh Selling; Support seen at 196.9
MCX Copper likely to move in a range of 450.8-462.6
MCX Zinc may move in a range of 194.9-199.5
Technically MCX Crude Oil is getting support at 3895 and below same could see a test of 3852 level, And resistance is now likely to be seen at 3979, a move above could see prices testing 4020.
Crude Oil on MCX settled down 1.67% at 3938 after U.S. government data showed an unexpectedly sharp build in crude inventories, though a third straight drop in gasoline stocks supported prices. U.S. crude oil stockpiles rose much more than expected last week, while gasoline and distillate inventories fell more than forecast, drawing down for the third consecutive week as refining rates remained low, the Energy Information Administration said.
Sources that said OPEC is likely to push back their decision of whether or not to extend the output cut agreement to June from April. Data from the American Petroleum Institute (API), an industry group, also showed larger-than-expected U.S. crude stockpiles. U.S. crude inventories rose by 7.3 million barrels in the week ending March 1 to 451.5 million, compared with expectations for an increase of 1.2 million barrels, API said.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.1 million barrels. The rise in North American production undermines supply cut efforts led by the Organization of Petroleum Exporting Countries (OPEC). OPEC and its allies pledged to curb output by 1.2 million barrels per day, and they are likely to push back their decision whether or not to extend the output cut agreement to June from April, according to sources.
Meanwhile, the market is looking for further signs that the United States and China are making progress in talks to resolve their trade conflict. U.S. Secretary of State Mike Pompeo said President Donald Trump would reject any trade deal that is not perfect, but added the White House would keep working on an agreement.
Trading Ideas:
–Crude Oil trading range for the day is 3852-4020.
–Crude Oil dropped after U.S. government data showed an unexpectedly sharp build in crude inventories.
–U.S. crude oil stockpiles rose much more than expected last week, while gasoline and distillate inventories fell more than forecast.
–U.S. crude inventories rose by 7.3 million barrels in the week ending March 1 to 451.5 million, compared with expectations for an increase of 1.2 million barrels, API said.
Courtesy: Kedia Commodities
Source: Commodityonline.com
