Brent crude trades above USD 114/bbl
Commodities were largely rangebound on thin volumes on Monday. Crude was steady and was marginally off yesterday's high today. NYMEX crude was trading above USD 102 a barrel and Brent crude was in a range of USD 114-115 a barrel today morning.
March 22, 2011 / 10:32 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodities were largely rangebound on thin volumes on Monday. Crude was steady and was marginally off yesterday's high today. NYMEX crude was trading above USD 102 a barrel and Brent crude was in a range of USD 114-115 a barrel today morning.Unrest in Middle East and North Africa (MENA) continued, but no major newsflow seen from that region. There were reports that the engineers had restored electricity to three reactors at the Fukushima plant and hoped to test water pumps at the damaged facility soon. Tokyo Electric resumes work to restore power at reactors numbers 1-4. Nikkei 225 Average jumped 3%. WTI April contract will expire today and May contract was trading at USD 103/barrel.Copper was down 1% yesterday on Chinese imports data. China February refined copper import was down 36% on month-on-month basis.LME Copper was stabilizing today and was trading in the green. Shanghai copper was down over 0.5% again.Dollar weakness and safe haven demand supported gold prices. Angel Commodities advised to- Buy gold MCX April contract at Rs 20860 per 10 gram, with a target at Rs 21000 and keep a stoploss of Rs 20780
- Buy crude MCX April contract at Rs 4610 per barrel, with a target at Rs 4700 and keep a stoploss of Rs 4570 Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
