Crude trades above USD 89/bbl

By Gautam Broker, Research Analyst at CNBC-TV18

Commodity cues Crude 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 December Nirmal 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.