MCX Gold under long liquidation
MCX Silver may move in a range of 37959-39349
MCX Natural Gas under fresh buying; Resistance seen at 246.3
MCX Copper may move in a range of 449-461.6
MCX Zinc under Fresh buying; Support seen at 194.9
Technically Crude Oil market is under long liquidation as market has witnessed drop in open interest by 6.67% to settled at 15885 while prices down 52 rupees.
Now MCX Crude Oil is getting support at 5441 and below same could see a test of 5387 level, And resistance is now likely to be seen at 5531, a move above could see prices testing 5567.
Crude Oil on MCX settled down 0.94% at 5494 after Washington said it may grant waivers to sanctions against Iran’s oil exports next month. U.S. sanctions will target Iran’s crude oil exports from Nov. 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.
Iran’s crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from U.S. sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.
The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. An industry source who also tracks exports said October shipments were so far below 1 million bpd.
That’s down from at least 2.5 million bpd in April, before President Donald Trump in May withdrew the U.S. from a 2015 nuclear deal with Iran and reimposed sanctions. The figure also marks a further fall from 1.6 million bpd in September.
Last week, Saudi Arabia announced plans to lift crude output next month to 10.7 million bpd, a record. Iran’s Oil Minister Bijan Zanganeh on Monday called a Saudi claim that the kingdom could replace Iran’s crude exports “nonsense.” Gulf of Mexico oil companies shut down 19 percent of oil production as Hurricane Michael moved toward eastern Gulf states including Florida.
Trading Ideas:
–Crude Oil trading range for the day is 5387-5567.
–Crude Oil prices fell after Washington said it may grant waivers to sanctions against Iran’s oil exports next month.
–The oil market is balanced in terms of supply and demand, Qatar’s Energy Minister Mohammed al-Sada said.
–Hedge funds cut their bullish wagers on U.S. crude in the latest week to the lowest level in nearly a year, data showed.
Courtesy: Kedia Commodities
Source: Commodityonline.com
