Base metals corrects on weak economic data

By Gautam Broker, Research Analyst at CNBC-TV18

CRB index ended down about 1.5%. Economic data was not too supportive. Home sales, Philly Fed and leading indicators disappoint.
 
Dollar has weakened further; Index ended down 0.4%.
 
WTI was down 1.7% at USD 98.5/bbl. EIA has asked OPEC to boost the supply. EIA says current oil prices threatening recovery prospects. OPEC will meet in Vienna early next month.
Base metals has corrected on weak economic data. LME Copper has back below $9000/tonne.
 
Precious metals remained largely stable. Sugar ended down 4.5%.
 
Oil is marginally in the green today. Dollar Index is finding support at around 75.1.
Admisi suggests to buy Gold MCX June at Rs 21931 with a stoploss of Rs 21840 for a target of Rs 22070.