MCX crude March contract may trade with positive bias: Geojit Comtrade
Published on Monday, March 15th, 2010 at 8:36 PMAuthor: onlinecommoditycalls (1958 Articles)
NYMEX crude prices oscillated within a tight range after prices cascaded more than 3% in the last trading day. Prices were pressurized after OPEC countries supply outpaces the recovery in global demand.
However economic recovery can infuse more demand from US and Europe Even though the peak winter heating demand in the Northern Hemisphere has passed and the US holiday motoring season is still a long way off. Meanwhile Iran wanted the OPEC to keep output unchanged because there is no sign of an increase in demand. Us crude inventories rose 1.43 million barrels to 343 million last week, as per the Energy department report as on Mar 10. MCX active March contract futures were trading at Rs 3,692 with 0.32% loss, said Anand James, chief analyst, Geojit Comtrade.
MCX crude March contract may trade with positive bias. Crude may see support at Rs 3,660 and Rs 3,640. Resistance can be seen at Rs 3,730 and 3,770.
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