Sell MCX Crude oil; target of Rs 6020: Dani Commodities

Dani Commodities' report on metals & energy

Crude oil futures slipped back below USD 95 a barrel in the Asia electronic hours today after yesterday’s rally as talks aimed at curbing Iran’s nuclear program in return for eased sanctions against the oil producer stalled. December crude futures are trading down 28 cents at USD 94.86 per barrel on the New York Mercantile Exchange*Yesterday, it erased an earlier loss to close at USD 95.14 a barrel, posting a gain of 54 cents* Iran’s oil production fell about 17 percent in 2012 from 2011, according to the U.S*Energy Information Administration, with sanctions by the U.S., United
Nations, European Union and others taking a toll. A news reports, citing Iranian state television, said the country had agreed to a deal with the United Nations’ chief nuclear inspector that would give International Atomic Energy Agency inspectors wider access to the country’s nuclear sites, including a planned reactor that would be capable of producing more plutonium by-product than conventional reactors* But the negotiations, aimed at completing a first-stage agreement to curb Iran’s nuclear program, stalled over the weekend*Talks are set to resume at a later date, and analysts said the agreement on wider inspections could help re-energize the negotiations. MCX November crude oil futures broke above Rs 6000 per barrel on back of weakness in the Indian Rupee and rise in the oil imports by India in October* MCX CRUDE OIL
International: Major Support for WTI at USD 100 Bullish above USD 100
Domestic: Sell at 6060, Stoploss 6085, Target 6020. MCX GOLD
International: Major Support at USD 1250. Bearish below USD 1250.
Domestic: Buy at 30000, Stoploss 29930, Target 30150. MCX SILVER
International: Major Support at USD 19. Bearish below USD19.
Domestic: Buy at 47700, Stoploss 47450, Target 48050. MCX NATURAL GAS
Domestic: Buy at 226, Stoploss 223, Target 230. 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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