MCX Natural Gas may trade in a range between 231.1-247.1
MCX Nickel likely to move in a range of 841.7-884.9
MCX Aluminium may trade between 142.8-147.8 levels
Silver market under short covering; Support seen at 38771
Gold market under short covering; Support seen at 31778
Technically Crude Oil market is under fresh selling as market has witnessed gain in open interest by 47.58% to settled at 14466 while prices down 230 rupees.
Now MCX Crude Oil is getting support at 4574 and below same could see a test of 4487 levels and resistance is now likely to be seen at 4804, a move above could see prices testing 4947.
Crude Oil on MCX settled down 4.7% at 4662 as rising crude supply met the bearish combination of concern over global growth and weak equity markets.
Russia is pumping oil at a post-Soviet high, U.S. crude output has topped 11 million barrels a day and a Reuters survey of OPEC production shows the group more than made up for any declines in Iranian shipments in October.
U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week. U.S. crude production stood at 11.3 million barrels per day in August, up 3.8% compared to July, and had surged 22.7% from August last year.
Losses were kept in check as looming U.S. sanctions on Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are widely expected to lead to a tighter market.
The sanctions, due to come into force Nov. 4, are being reinstated after U.S. President Donald Trump pulled out of the Iran nuclear deal earlier this year. Still, Goldman Sachs reiterated a year-end forecast for Brent prices of $80 barrel.
The bank said 2018 oil demand growth, though down slightly, remains above consensus expectations, and said Chinese demand continues to show resilience despite concerns over the world’s second-biggest economy.
Meanwhile a Reuters survey found the Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to its highest since 2016, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to U.S. sanctions, set to start on Nov. 4.
Trading Ideas:
–Crude Oil trading range for the day is 4487-4947.
–Crude oil dropped amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.
–U.S. Energy Information Administration data showed crude oil inventories climbed for a sixth straight week.
–U.S. crude production stood at 11.3 million barrels per day in August, up 3.8% compared to July, and had surged 22.7% from August last year.
Courtesy: Kedia Commodities
Source: Commodityonline.com
