Crude oil trades at around USD 91.5/bbl

By Gautam Broker, Research Analyst at CNBC-TV18

Commodity cues

CRB Commodity Index ended flat on Friday; was up by 2.8% for the week. US macro data was mixed and China raised banks' reserve requirement ratio by 50 bps again.

Precious metals witnessed profit booking; gold ended down 2% at USD 1359/ounce and silver was down 3.4% at USD 28.27/ounce.

There were statements from eurozone on concerns of inflation. Precious metals saw modest rebound this morning.

Crude ended flat on Friday; was up 0.1% at USD 91.53/barrel. Crude continued to be steady at USD 91.5/bbl today.

Base metals were stable on Friday. Copper ended up 0.4% at USD 9650/ton on LME. Copper is marginally in the green in Asian trade today.

Sugar was down 3.5% at 30.89 cents/lb.

Alert: US markets closed today on account of Martin Luther King Junior Day

CommTrendz advised to:

- Buy gold MCX February contract at Rs 20,285, with a target of Rs 20,400 and keep a stoploss at Rs 20,250