MCX Crude Falls 2.55% as Recovery Stalls

WHAT HAPPENED MCX Crude dropped to 8146 INR/bbl at 20:39 IST, reversing earlier gains with a −2.55% decline. The pullback follows a +1.52% rally to 8275 INR/bbl at 14:23 IST, erasing intraday momentum as supply-side sentiment weakens. Cross-asset weakness is mixed: gold +1.30% to 164554 INR/10g, silver +0.25%, and natural gas +0.94% to 267.3 INR/mmBtu show selective strength, while copper +0.34% and USDINR −0.04% at 95.74 remain muted.

WHAT IT MEANS The recovery arc from 7754 INR/bbl (17:37 IST yesterday) has now broken below the intermediate 8110 level. This signals trader caution despite gold's resilience—crude's inability to hold 8200+ despite overnight support suggests profit-taking ahead of key levels. The dip tests conviction in supply stabilisation narratives that drove the prior two rallies.

WHAT TO WATCH Support: 8100 INR/bbl. Resistance: 8275 INR/bbl (today's high). A hold above 8100 preserves uptrend structure; a break below signals deeper pullback risk toward 7900–7950 zones.