Brent crude trades below USD 105/barrel

By Gautam Broker, Research Analyst at CNBC-TV18

Commodity cues

Crude correction continued in today's trade as well. WTI crude was trading below USD 91/barrel on NYMEX and Brent crude was below USD 105/bbl.

Dollar Index was inching closer to 76. European Union sovereign issues continued to weigh on commodities. Greek parliament debates on austerity plan from today.

Precious metals saw profit booking on dollar strength. Gold has lost 3% in 2 sessions. Gold futures went down to USD 1500/ounce.

LME Copper was trading below USD 9000/tonne. Market concerned about China tightening:  en Jiabao said, "We will be difficult to keep inflation under 4%."

One should watch out for USD personal income and outlays.

Admisi has recommended buying crude MCX July contract at Rs 4165, with a stoploss at Rs 4130 and target of Rs 4275.