Buy MCX Crude oil; target of Rs 5970: Dani Commodities

Dani Commodities' report on metals & energy

Crude oil futures inched up in the electronic hours today with the focus turning on the payrolls data after receiving strong set of data releases from US yesterday which increased expectations that the Federal Reserve could start to roll back its stimulus earlier than expected* NYMEX light sweet crude oil futures for December delivery are trading up 16 cents at USD 94.36 per barrel*Yesterday, it settled down 60 cents, or 0.6 percent, to USD94.20 a barrel on the New York Mercantile Exchange. Markets reacted negatively to the strong US data releases, as investors fretted that the Federal Reserve could start to roll back its bond-buying program earlier than expected. The initial reading for U.S*growth in the third quarter came out well above expectations, with gross domestic product rising 2.8 percent — higher than the 2.5 percent seen in the second quarter and more than the forecast 2 percent* Separately, the Department of Labor said the number of individuals filing for initial jobless benefits in the U.S*last week fell by 9,000 to a seasonally adjusted 336,000, largely in line with analysts' forecasts for claims to fall by 10,000* Asian equities also tumbled on expectations that the Federal Reserve could announce plans to scale back its USD85 billion-a-month stimulus program as its next monthly meeting in December*The Nikkei fell 1.2 percent, Australia’s S&P/ASX 200 dropped 0.6 percent and South Korea’s Kospi lost 0.5 percent. MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Buy at 5930, Stoploss 5905, Target 5970. MCX GOLD
International: Major Support at USD 1250. Bearish below USD1250.
Domestic: Buy at 29900, Stoploss 29850, Target 30000. MCX SILVER
International: Major Support at USD19. Bearish below USD19.
Domestic: Buy at 48300, Stoploss 48050, Target 48600. MCX COPPER
Domestic: Buy at 452, Stoploss 450, Target 455. MCX LEAD
Domestic: Sell at 135, Stoploss 135.50, Target 134. MCX NATURAL GAS
Domestic: Sell below 222, Stoploss 225, Target 218. 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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