Commodity outlook: Nickel setup bullish, buy crude oil on dips

collected by :Frank Ithan

Commodity outlook: Nickel setup bullish, buy crude oil on dipsHere's a lowdown on the outlook of different commodities by Motilal Oswal Securities. MCX Silver: Key support for MCX Silver remains at Rs.38100 - 38000 zone whereas resistance is at Rs.38430 - 38550 area. Initial pullback towards resistance area could be seen as long as price holds above support levels. MCX Nickel: MCX Nickel has strong support at Rs.928 - 915 levels whereas resistance is at Rs.955 - 965 levels. MCX Crude Oil: Strong support for MCX Crude Oil is at Rs.4725 - 4690 whereas resistance is at Rs.4790 - 4830 levels.

US crude rises 2.1%, settling at $70.13, boosted by signs of tight oil supply

Oil prices rose back above $70 a barrel on Monday, with U.S. crude posting its best one-day dollar gain in over a month, after four weeks of losses for the benchmark. U.S. West Texas Intermediate crude ended Monday's session up $1.44, or 2.1 percent, to $70.13 a barrel. View Related ChartThe contract to deliver international benchmark Brent crude for September was up 83 cents, or 1.1 percent, at $75.12 a barrel by 2:08 p.m. Trading was heavier for the October contract, which is up 97 cents, or 1.3 percent, at $75.73. The United States and Iran have lately engaged in a war of words, with Iranian officials threatening to snarl oil exports in the world's busiest region for crude shipments.

Govt taking steps to ease crude oil import cost: Dharmendra Pradhan

referring to Govt taking steps to ease crude oil import cost: Dharmendra PradhanThe Government is taking various measures, including focusing on biofuels, to ease the cost of crude oil import, Union minister Dharmendra Pradhan said today. "There is also a provision to allow surplus food grains for ethanol production during the surplus phase as decided by the National Biofuel Coordination Committee," Pradhan said. Multiple sources have to be there for energy, he said, adding the government continues to modulate the effective price of domestic LPG supplies to domestic consumers under the Direct Benefit Transfer of LPG. "The domestic price of LPG in the country is based on international price of LPG (ie. Saudi contract price) and is not linked to the cost of crude oil," the minister said.