By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cues Macro 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.
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