Crude oil trades at around USD 87.6/bbl

By Gautam Broker, Research Analyst at CNBC-TV18

Commodity cues

Dollar Index slipped below 78 mark and Euro was at a fresh 2-month high.

Nymex Crude closed below USD 87.5/bbl on Monday and was close to 2011 low of USD 87.25/barrel. Currently it is trading at around USD 87.6 a barrel. Weekly report is expected to show a 1 million barrels rise in inventories.

Gold was at its lowest since mid November. Diminishing safe haven demand weighed on gold prices. SPDR holdings fell 11 tonnes yesterday. Silver was too at a 2-month low.

Base metals held up yesterday on supply tightness. LME tin hit a record of USD 28190/tonne. LME Copper was up 1% on Monday, which was giving up gains this morning.

LME Copper was down 0.5% and US Copper down 1%.

Data to watch
-Consumer Confidence for January
-S&P Case Shiller Home Price Index

Angel Comm advised to:

- Sell gold MCX February contract at Rs 20050-20060 per 10 grams, with a target of Rs 19900 and keep a stoploss of Rs 20150.
- Sell copper MCX February contract at Rs 442-443 per kg, with a target of Rs 434 and keep a stoploss of Rs 447