Crude oil declines 1.5%
LME Copper gained over USD 200/tonne yesterday, within striking distance of USD 10000/tonne. US Copper went up by 2%. Copper has gained over 8% in the last week.
February 02, 2011 / 10:20 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cuesDollar Index was down by 1% yesterday. Euro hit 2.5-month high above 1.38 on Tuesday. Macro data was supportive - ISM Manufacturing Index came in at a 6-year high.Brent hit a high of USD 102.08/barrel. Crude oil prices went back in green after slight pullback this morning - it is currently trading at USD 90.8 a barrel. Nymex Crude declined 1.5% yesterday, which was discount to Brent Crude now at USD 11/barrel.API said crude inventories went up 3.8 million barrels. EIA inventory data will be announced today. LME Copper gained over USD 200/tonne yesterday, within striking distance of USD 10000/tonne. US Copper went up by 2%. Copper has gained over 8% in the last week.Precious metals found support from dollar on Tuesday, were trading with a slight negative bias as Egypt concerns eased.Data to watch
-EIA Inventory Data
-ADP Employment Report
-Weekly mortgage applicationsCommTrendz advised to:
- Buy Gold MCX April contract at Rs 20075 per 10 grams, with a target of Rs 20250 and keep a stoploss of Rs 20,020. 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!
