Nymex crude trades above USD 91/barrel

By Gautam Broker, Research Analyst at CNBC-TV18

Commodity cues Clashes in Egypt overshadow rising inventories on Wednesday. Brent crude headed towards USD 103/barrel. Nymex crude got back above USD 91/barrel. EIA says inventories were up 2.59 million barrels last week. LME Copper was still to conquer USD 10,000/tonne. Copper saw a high of USD 9993/tonne yesterday. Precious metals were largely rangebound. Cotton was at a record high of USD 1.76/lb on ICE. Raw Sugar was trading above 35 cents/lb. Data to watch
-Initial Jobless Claims
-Factory Orders for December
-ISM Non-manufacturing Index for January
-ECB rate decision Angel Commodities advised to:
- Buy crude MCX February contract at Rs 4110 per barrel, with a target of Rs 4180 and keep a stoploss of Rs 4070.