Brent crude trades above USD 117/bbl

By Gautam Broker, Research Analyst at CNBC-TV18

Commody complex

London Brent crude settled at USD 117.63 a barrel on Tuesday - it was holding the same level in morning trade. China daily crude import was 5.24 million barrels, up 2% on month-on-month basis.

Concerns on flooding on US Gulf coast too supported the crude oil prices. API says that crude stockpiles went up 2.9 million barrels. Gasoline inventories went down 1.8 million barrels.

Greece concerns continued to support gold. Spot Gold was getting close to USD 1520/ounce. Silver futures closed at USD 39/ounce.

LME Copper rose 0.6%, supported by China trade surplus of USD 11.4 billion - nearly four times higher than expected.

One should watch out for China CPI, EIA inventory report and weekly mortgage applications today.

Angel Commodities advised buying crude MCX June contract at Rs 4640 a barrel, with a target of Rs 4760 and keep a stoploss of Rs 4609.