Post Leads   |
 
MCX Crude Oil under short covering; Support seen at 3719
Commodity Online | October 10 2019
UPDATED 09:20:30 IST

NCDEX Chana under short covering; Resistance seen at 4547

MCX Cotton under short covering; Support seen at 19080

MCX Mentha Oil likely to move in a range of 1285.8-1332.6

NCDEX Jeera under fresh buying; Resistance seen at 16355

MCX Aluminium may trade between 132-134.4 levels

Technically Crude Oil market is under short covering as market has witnessed drop in open interest by 4.57% to settled at 16464 while prices up 20 rupees.

Now MCX Crude Oil is getting support at 3719 and below same could see a test of 3673 levels, and resistance is now likely to be seen at 3819, a move above could see prices testing 3873.

Crude Oil on MCX settled up 0.53% at 3765 following media reports that China was open to agreeing a partial trade deal with the United States, while Turkey's military operation in northern Syria also supported prices as it could impact regional oil production.

Negotiators from the United States and China, the world's top two economies, will meet in Washington in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that has slowed global growth. U.S. crude stocks rose last week as refineries cut output, while gasoline and distillate inventories fell, the Energy Information Administration said.

Crude inventories rose by 2.9 million barrels in the last week, compared with expectations for an increase of 1.4 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 941,000 barrels, EIA said. U.S. crude stocks rose last week, while gasoline and distillate stocks drew, data from industry group the American Petroleum Institute showed.

Crude inventories rose by 4.1 million barrels in the week ended Oct. 4 to 422 million compared with expectations for an increase of 1.4 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.2 million barrels, API said. Refinery crude runs fell by 71,000 barrels per day, API data showed. Gasoline stocks fell by 5.9 million barrels, compared with expectations for a 257,000-barrel decline.

Trading Ideas:
--Crude Oil trading range for the day is 3673-3873.
--Crude Oil gained following media reports that China was open to agreeing a partial trade deal with the United States.
--Turkey's military operation in northern Syria also supported prices as it could impact regional oil production.
--U.S. crude stocks rose last week as refineries cut output, while gasoline and distillate inventories fell, the Energy Information Administration said.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 1 9000.00
Coconut Oil 2 17350.00
Arecanut 15 24500.00
Sugar 462 3312.00

More