Crude slips 2% to USD 85/bbl on Thurs
Shanghai copper fell 0.5% and it has failed to hold USD 9500/tonne. Support for copper is seen at USD 9300/tonne.
January 28, 2011 / 09:10 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cuesMacro data was not too supportive on Thursday for commodities. Jobless claims were at a 3-month high. Crude was down to USD 85 a barrel and was trading at 2 month lows. Crude lost 2% yesterday and was in the red in Asian trade today.Gold was at a 4-month low. It is close to testing USD 1300/ounce for the first time this year. SPDR holdings went down 3 tonnes yesterday and stood at 8-month low.Shanghai copper fell 0.5% and it has failed to hold USD 9500/tonne. Support for copper is seen at USD 9300/tonne.Data to watch - Q4 GDP (First reading)Nirmal Bang advised to:
- Sell crude MCX February contract at Rs 3975 per barrel, with a target of Rs 3920 and keep a stoploss of Rs 4020. 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!
