Crude trades above USD 89/bbl
Crude pared gains on Friday and declined after reports of Hosni Mubarak stepping down. Brent closed below USD 100/barrel.
February 07, 2011 / 10:35 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cuesCrude pared gains on Friday and declined after reports of Hosni Mubarak stepping down. Brent closed below USD 100/barrel.Nymex crude saw a 2% cut as well. It was marginally in the green this morning, trading above USD 89.2/barrel and Brent was back above USD 100/bbl.Copper saw a record of USd 10100/tonne on Friday but was slightly off the record this morning. Copper may see a slight dip once Shanghai re-opens.Gold was volatile in trade on Friday and pared losses after non farm payrolls missed expectations. It was steady today morning after the 0.5% cut on Friday.Sugar gained 2% to close at 32.6 cents/lb. Data to watch - Consumer Credit for DecemberNirmal Bang advised to:- Sell crude MCX February contract at Rs 4085 per barrel, with a target of Rs 4020 and keep a stoploss of Rs 4125. 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!
