US Energy Information administration has lowered the estimation of Crude oil production, according to administration, this year and in next year Crude Oil production may decrease 3.5% in US, now Crude oil price increased. At NYMAX Crude oil price gained 1% and Brent Crude oil traded above $67.
Due to price hike in global market, in domestic market crude oil gained. Currently at MCX Crude oil is trading near Rs 41 with gain of 1.39%.
Base Metals could not get significant support, despite of lower interest rates in China. At MCX Copper under pressure and is trading at 417.80 down 0.37%. Nickel declined 1.86%, trading near Rs 904. Aluminium, Lead and Zinc are trading dull.
Edible oil price has risen today, Soya Oil and Crude Palm oil are traded with gain. In Global market Crude Palm Oil is reached above 5 week above level.
Mentha Oil is trading higher among all commodities in market. At MCX Mentha Oil price has jumped nearly 2%.
MCX Mentha Oil (June Future) Buy above Rs 934 Target Rs 970 stop loss 910.
MCX Crude Oil (May Future) Buy above Rs 3940 Target Rs 3986 stop loss Rs 3907.