Commodity Market Updates- Rejuvenation has Started Yet Again
Commodity markets have begun to return to the good days. In the first two months of fiscal year 2016, the turnover of commodity exchanges has increased about 17 per cent. After the fall of the last two years the turnover has been growing over the past two months.During these two months have a turnover of over Rs 11 lac crore and majority of the volume is of crude oil and Agri commodities. In the Energy segment, trading has been increased by 55 per cent, while the Agri commodities turnover has increased about 17 per cent. Although gold and silver turnover is declined by about 7 per cent.
MCX Energy Updates: Crude Continues to Fall over Weak Demand
Crude oil in the international market is falling continuously . Price of Brent crude oil has gone below the minimum value in the past two years and trading at $90 per barrel
Due to the plentiful supply of crude oil and decline in global demand, the crude oil price has been dropped.
Pira Energy Group CEO Gary Ross says the price of crude oil will deplete further.
Demand and Supply-
Gary Ross says that the market is reaching in excess as compared to the demand for crude oil.
Demand for crude oil has been declined in countries with euro as currency and Germany has reduced its oil imports.
Technically, On MCX Side, Crude oil October contract is trading around 5180 after making a low of 5132. Short term trader can go for buy in crude around 5150 for the target of 5400-5500.
MCX Crude Updates For coming week
Crude prices witnessed a downside on Friday
as investors continued to book profit on their positions. On MCX side,
crude made a low of 6350 after making the day high of 6410. Earlier,
crude prices went up on the back of the concern of major supply
disruptions stemming from the bloody Iraqi insurgency.
NYMEX oil futures is likely to find
support at $105.03 a barrel, Thursday's low, and resistance at $107.50 a
barrel, Tuesday's high.
On MCX,
crude prices may go further down in coming week. However, Iraq concern would be the decisive factor for
the trend of crude oil. Crude can find support near 6320-6300 while key
resistance can be seen near 6460-6500. Day Traders are advised to buy crude on dips
while investors are recommended to go long from upper levels for the targets of
6200-6000 in near future.
