Crude oil futures rallied near $75 on weaker dollar well supported by slightly bullish inventory data. Oil prices traded higher since opening trade on yesterday with positive equity indices. The international Energy Agency raised it oil consumption forecast by 1.7 mb to 86.4 mb in its latest monthly report giving boost to the lagging oil prices. The department of energy showed in a report that crude oil inventories fell by 1.82 mb against forecast of decline by 0.9 mb. Gasoline stockpiles also reported marginal decline against forecast of 0.5 mb while distillate stocks rose by 1.83 mb for the week. Natural gas futures traded lower on profit booking supported by weaker dollar in cash market trading near $4.710. Natural gas stockpiles are forecasted to rise by 93 Bcf against prior increase of 88 Bcf. The normal to above normal temperatures may create cooling demand and natural gas prices may rise on higher demand. Technical View Today evening, US jobless and trade balance data will be announced, any improvement in data could help metals to trade with positive bias. In Copper, buy on dips strategy is advisable. One can enter long between 295-293 in MCX Copper. MCX Nickel prices may trade with positive bias, buying around 895 level is advisable with target of Rs.915. MCX Zinc has strong support near 79 and resistance at 82. In lead, buy above Rs.79/kg is advisable with target at Rs.81.50/kg.

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