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COMMODITY OUTLOOK

DAILY COMMODITY MARKET UPDATES

NEWS IN HEADLINE

* US to cancel Alaska oil, gas leases issued under Trump

* Oil prices steady with U.S. inventory draw, China imports in focus

* Oil prices edge up on anticipated US crude stock draw

CHART OF THE DAY

CRUDEOIL: CRUDEOIL is continuing its bullish momentum above 7200 levels and there are no signals of weakness, yesterday it given close around 7305 with big bullish candle, where 7380-7480 is an immediate target level. On the downside, 7200 intraday and immediate support levels while below 7200 leads to further weakness towards the 7100-7000 zone, Traders are advised to stay with the momentum with the “buy on decline” approach.

OUTLOOK:

* Bullion: Day trend is indicating sideways in Gold &Silver.

* Energy: Day trend is indicating uptrend in Crude oil & sideways in Natural gas

* Base metals: Day trend is indicating sideways to upside in all base metals.

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