Copper conquers USD 10,000/tonne on Thurs

By Gautam Broker, Research Analyst at CNBC-TV18

Commodity cues

There was slight profit booking in crude prices yesterday. Brent slipped below USD 102/barrel after seeing high of USD 103.37 yesterday.

Nymex Crude was below USD 91/bbl on Thursday, which was inching back in the green this morning.

Copper conquered USD 10,000 tonne intraday on LME. It witnessed profit booking to close at USD 9930/tonne.

Tin saw a record of USD 30,920/tonne - the rally was mainly on positive economic data and supply tightness.

Gold was steady after a 1% gain yesterday. SPDR holdings went up marginally.

Sugar ended down almost 10%. Raw sugar was down to 32 cents/pound. Cyclone Yasi was downgraded to a Category 1 cyclone after it made landfall in Australia yesterday.

Data to watch
-Nonfarm payrolls
-Unemployment Rate

Nirmal Bang advised to:
- Buy Gold MCX April contract at Rs 20,310 per 10 grams, with a target of Rs 20430 and keep a stoploss at Rs 20215