Commodity News

 Crude Oil prices Rallied

 US crude futures rebounded today after the  deal between Saudi Arabia and Russia to freeze oil output at January levels would lead to a wider pact among producers that could eventually see production cuts to support prices. US crude had risen 24 cents to USD29.28 a barrel by 0033 GMT, after ending the previous session down 40 cents.

Top oil producers Russia and Saudi Arabia on Tuesday finally agreed to limit oil production at January levels, and other oil exporters also joined in. Iraq, Qatar and Venezuela said they would freeze output at January levels provided a deal could be agreed, while OPEC member Iran could be offered special terms to freeze oil production levels, sources said.

Oil prices initially increases on Tuesday on news of the deal but early gains were wiped out on the realisation there would be no immediate supply cuts to tackle global oversupply as the changes will be taking place gradually to stablize the situation

Commodity Advice:

SELL:

Crude oil MCX with entry 2020 and Target 1920

Natural Gas MCX with Entry 132 and target 124

NEWS FLASH

Successful Meet at Doha: Oil Production will be stabilized 

"Qatar, Saudi Arabia, Russia and Venezuela would lead an effort to freeze output at January levels and due to which  Brent crude futures pared gains."

 The large producers met in Doha, Qatar, to discuss measures to tackle a supply glut that's sent prices to 13-year-lows.It had become a global issue as Saudi Arabia was not ready to freeze the supply of oil due to which oil prices went down.

Qatar's energy minister, Mohammad bin Saleh al-Sada, believes that the agreement would help in  stabilizing  the market. Saudi oil minister Ali Al-Naimi said the freeze was "adequate" for the market, and declared the  meeting to be  successful. He added he hoped producers inside and outside OPEC would adopt the proposal.
Qatar is the current holder of the rotating OPEC presidency.
Earlier, news of the meeting news sparked hopes of an eventual deal on supply cuts, after Saudi Arabia-led oil cartel OPEC previously persistently refused to lower its 30 million barrel-a-day production ceiling in a strategy to squeeze out higher cost energy producers, including U.S. shale companies.

MCX Trend For Today

MCX Gold opened with a positive note at the market and now gold is trading in a down trend and is the gold is currently trading at 30170 levels at the market with a decline of 24 Rs at the market and with a percent change of 0.08% at the market and gold is advised to sell for now. The Silver mcx at the commodity market is trading up while other is trading down. Crude MCX is also trading in a down trend at the market with a change of 22 Rs and decline of 0.42% with current market price of 5189 levels.

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MCX Commodity Tips for Today, 02nd May 2012

MCX Gold Tips : Due to strong PMI numbers from US there is possibiliy of profit booking in gold prices. It will be good to short MCX Gold around 29,170 per 10 grams with Stop Loss of 29,270 per 10 grams for a target of 29,000 per 10 grams.

MCX Silver Tips : Sell MCX Silver July contract around 58,200/kg, Stop Loss of 58,800/kg and targets of 57,000/kg.

MCX Crude Tips : Due to equilibrium in the oil market in the range of 100.68-105.45 ther ewill be either sidebreak which will give a clear trend. Buy MCX Crude between 5460 per barrel and 5450 per barrel with Stop Loss of 5430 per barrel and target of 5530 and 5565 per barrel.

MCX Copper Tips : Buy MCX Copper around 446/kg and Stop Loss of 443/kg and Target of 452/kg. 

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