Current Commodity Market News – Crude Oil Prices Up Because of Output Cut Effect.
Crude oil is in Plus But Feared of Low Demand due to Corona Virus Effect.
Oil Demand will take long 3 months to be on Track.
Indian Fuel Consumption Dropped By 70% in last month because of lockdown effect.
As Lockdown eases now its 40% , it will take end of 2020 to get full recovery of oil demand.
Demand is reaching 60-70% but it will take some time to get .
The Lockdown has taken massive toll in India’s economy.
GOLDMAN SACHS Forecasting the Deepest Recession ever,with the economy shrinking by an annualized 45% in second quarter befre rebounding the third querter.
Restrictions on Air travel and reluctance among the public fly are also weighing on jet fuel demand.
The International Enery agency Forecasts that the india’s Fuel demand will return year ago levels by fourth quarter.
WTI Crude oil currently Trading at 33.66$.
Brent Crude oil currently Trading at 36.06$.
Mcx Crude Oil Trading at 2564.
Gold current commodity market news- Gold is Trading well around 1750$ and still its Bullish.
Federal Reserve as promised Earlier to keep Zero Intrest rate ans its kept same , Gold is bullish on news and trading around 1750$.
Yesterday Gold was in Range 1745 $ – 1755$.
It seems like only a matter of time before gold runs higher as the fundamental backdrop indicates global stimulus efforts will continue to grow and the prospect of negative interest rates for the U.K. and U.S. seem to be growing.
Mcx Gold currently Trading at 46900.
TODAY GOLD RATE
1-Gold rate 22 Carat 44650 per 10 gm.
2-Gold rate 24 Carat 48550 per 10 gm.
INDIAN INDICIES TODAY
Bank nifty 17985.
CRUDE OIL LEVELS FOR TODAY–
TODAY RESISTANCE- R1-2571, R2-2589, R3-2617, R4-2694.
SUPPORT- S1-2468, S2-2450 ,S3-2422 ,S4-2346.
GOLD LEVELS FOR TODAY-
RESISTANCE R1-47378, R2- 47438, R3-47530, R4- 47784.
SUPPORT- S1-46884, S2- 46824, S3-46732, S4- 46479.
GET DAILY LATEST NEWS FOR COMMODITY MARKET & DAILT MARKET TRENDS FOR MCX GOLD & CRUDE OIL ON OUR WEBSITE IF HAVE ANY QUERY PLEASE FEEL FREE TO CALL OR MSG ON 08050795677.