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.

Market News

All eyes on the big Meet at Doha,Qatar

Top oil officials from Saudi Arabia, Russia and several key OPEC (Organisation of the Petroleum Exporting Countries) members will be  meeting for  discussion in months, to tackle a devastating supply glut.The Actual agenda of the meeting was unclear till Monday. 

Oil minister of Qatar is also expected to attend the meeting as he will be playing an important role in coordinating the consultations among members.

The talks will be held in Doha,Qatar and it will  involve powerful Saudi Oil Minister Ali al-Naimi and his Russian counterpart Alexander Novak,both of them must reach an accord for any coordinated global action to hold any hope of success.

They will also be joined by Venezuela's Oil Minister Eulogio Del Pino, whos is constantly visiting major oil producers to increase the support for the and halt the trend of  downward oil pricing.The meeting seems to happen after more than 18 months of declining oil prices  below $30 a barrel for the first time in over a decade. The fall has been longer and deeper than anyone predicted, and the mood may be shifting among producers which until now have been determined to defend market share rather than prices.

MCX Key Levels: Copper Tips, Lead Trend, Nickel Trading Tips

The breadth of Commodity Market in India is expected to remain bearish. Base metals segment will be bearish today. Our analysts suggest to trade on sell side today for more profit in intraday commodity trading. 

• MCX Copper: Copper in base metals will trade in the narrow range 425-432 today & bearish to consolidate trend today. If copper prices falls below 427.10 then further downward movement is expected till 425. Copper will find support at 426-424 and resistance in between 431-433. Sell is advised for today's trading sessions.

• MCX Lead: Base metal lead will trade on bearish trend today. Support for lead it at 134.50-133 and resistance is at 136.50-138. Intraday Traders are advised to initiate short position. 

• MCX Nickel: Nickel on weekly mcx chart is showing downward trend on mcx. We expect prices to go down in intraday morning trading session today but in the evening session we can see correction in the prices. Support for Nickel is at 1134 & resistance is at 1145. Trade with strict key levels.