Crude oil may trade negative on mixed global cues: Angel
Angel Commodities has come out with its report on international commodities. According to the research firm, crude oil prices are expected to trade on the negative note on back of mixed global market sentiments.
Angel's report on international commodities
In the evening session we expect precious metal to trade on the positive note as the weak stock markets may increase the demand for precious metal as protection of wealth. Further, weakness in DX along with expectation of rise in US unemployment claims may support prices to trade in green. However, expectation among the investors that the US Federal Reserve may start trimming bond buying programme soon may prevent sharp upside in the prices.We expect base metal prices to trade on the positive note on the back of weakness in DX coupled with expectation of rise in US GDP growth in Q1 of 2013 as compared to Q4 of 2012. However, sharp upside in the prices may be capped as IMF slashed its growth forecast for China. Apart from that, expectation of rise in US unemployment claims along with decline in pending home sales may prevent sharp rallies in the prices.We expect crude oil prices to trade on the negative note on the back of mixed global market sentiments. Further, expectation among the investors that the US Federal Reserve may start trimming the bond buying programme soon may add downside pressure on the prices. However, sharp downside in the crude oil prices will be cushioned on account of expectation of fall in the US crude oil inventories from EIA.Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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