By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cues WTI Crude ended below USD 97/barrel on Monday and Brent crude settled at USD 111.8/barrel, down 34 cents. Saudi reassured market with extra supply of oil while shipments from Libya are at a standstill. Oil market remains well supplied. It was hovering around the USD 97 a barrel in morning trade today. API inventory report will be announced today. Inventories are likely to have risen by over 1 million barrels. Precious metals market continued to watch Libya unrest. Gold was steady closer to USD 1410/ounce. SPDR holdings were at their lowest since May last year. Base metals were reacting to macro data from China. Input price sub-index was up 80 bps. China PMI was down by 70 bps on month-on-month basis. Copper was marginally in the red. Data to watch-ISM Manufacturing Index
-Construction Spending Angel Commodities advised to:
- Buy crude MCX March contract at Rs 4380 a barrel, with target at Rs 4500 and keep a stoploss of Rs 4320.
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