By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cues Dollar 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 applications CommTrendz 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.
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