MCX Crude Oil may trade 2910-3000 range; Natural Gas 184-190 range
Commodity Online | November 08 2016
UPDATED 09:48:11 IST

NCDEX Chana under long liquidation; Support seen at 4100

MCX Mentha Oil likely to move in a range of 978.4-1005.4

MCX Cotton under short covering; Support seen at 15870

MCX Aluminium may trade between 136-137.8 levels

NCDEX Jeera under short covering; Resistance seen at 13820

Crude Oil may open in red tracking weak overseas clues as it can move in range of 2910-3000 in MCX. Members of the Organization of Petroleum Exporting Countries during a September meeting in Algeria proposed a production ceiling aimed at propping up oil prices in a market characterized by excessive supplies. Kuwait's prime minister said Monday his government supported the deal and OPEC Secretary General Mohammad Sanusi Barkindo said support was consolidating around the proposal.

Doubts over whether or not the 14 members of OPEC could coordinate on a formal agreement dragged oil back beneath $50 per barrel and most metrics show OPEC would actually need to cut output to meet the terms of the September proposal. The rise of U.S. oil production in part from shale deposits in the Lower 48 brought oil down from $100 per barrel two years ago. Natural gas may move with sideways bias with positive bias as it can move in range of 184-190 in MCX.

Courtesy: Smc Comtrade