CRB Index gains 1% led by crude, soft commodities
Portugal debt concerns aided precious metals. Physical demand from India supported gold prices. Copper continued to decline.
January 11, 2011 / 09:05 IST
By Gautam Broker, Research Analyst at CNBC-TV18
Commodity cuesThere was a slight recovery in commodities on Monday. CRB Index gained 1% led by crude and soft commodities. Dollar strength continued to weigh on commodities.Trans Alaska Pipeline shutdown supported crude prices. Pipeline carries nearly 15% of output. Crude gained 1.5% on Monday and was inching closer to USD 90/barrel. It is currently trading at around USD 89.4 a barrel.Portugal debt concerns aided precious metals. Physical demand from India supported gold prices. Copper continued to decline. Dollar and euro debt concerns weighed on copper. China's copper imports were down 2% in December. Copper has lost 4% since last week.Nirmal Bang advised to:- Buy gold MCX February contract at Rs 20,385 per 10 grams, with a target of Rs 20,475 and keep a stoploss at Rs 20,325.
- Buy crude MCX January contract at Rs 4040 per barrel, with a target of Rs 4110 and keep a stoploss at Rs 3995 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!
