MCX Natural gas may continue its upside, can test 165
Commodity Online | June 03 2016
UPDATED 10:03:36 IST

MCX Nickel likely to move in a range of 1043.9-1081.7

MCX Copper under fresh buying; Support seen at 520

MCX Zinc under long liquidation; Resistance seen at 192.3

MCX Natural Gas under long liquidation; Resistance seen at 191.1

MCX Crude Oil under short covering; Support seen at 2876


Crude oil may trade on flat note in range of move in range of 3270-3350. Brent oil prices held around $50 a barrel on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel. The Organization of the Petroleum Exporting Countries (OPEC) failed to agree to a clear oil-output strategy on Thursday as Iran insisted on raising production to regain market share lost during years of sanctions, which were lifted in January. Strong demand in Asia was also reflected by a jump in refining margins especially for diesel and jet fuel. Overall Asian refining margins have not been doing well this year, due to oversupply of products and the rising price of crude, but diesel and jet fuel production profits have jumped. Natural gas may continue its upside as it can test 165 in MCX.

Courtesy: Smc Comtrade
Commodity Arrivals Rate
Mustard Oil 1 10300.00
Coconut Oil 0.1 18100.00
Arecanut 4 36588.00
Sugar 30 3550.00

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