Crude trades above USD 91/bbl
Commodities bounced back on Tuesday. CRB Index gained 1.4% - biggest gain in the last 2 weeks.
January 12, 2011 / 12:14 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cuesCommodities bounced back on Tuesday. CRB Index gained 1.4% - biggest gain in the last 2 weeks. Japan said looking to buy 20% of Euro bonds. All eyes are on Portugal's debt auction. Trans Alaskan Pipeline shutdown continued to support crude oil prices. Statoil shuts 2 fields in North Sea after gas leak. Crude gained 2%; got back above USD 91/barrel. It is currently trading at USD 91.17 a barrel.EIA Petroleum Status report will be announced today. Experts expect inventories to decline by 1.4 million barrels.Copper snapped five-day losing streak. Copper saw 4% cut last week, biggest decline in 5 months. It recovered 2% yesterday and was in green this morning supported by strong earnings from US home builders.Precious metals were too in the green. Gold gained 0.7% and Silver was up 3% in 2 sessions. Palladium gained 4.5%. Sugar went up over 3% and got back closer to 33 cents/lb.CommTrendz advised to:- Buy gold MCX February contract at Rs 20385 per 10 grams, with a target of Rs 20550 and keep a stoploss of Rs 20320.
- Buy crude MCX January contract at Rs 4085 per barrel, with a target of Rs 4168 and keep a stoploss of Rs 4035. 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!
