On the technical side, a close below $9 a barrel would take prices further lower to $3 or even to negative territory. On the higher side, prices need to stabilise above $33 to negate the broad bearish outlook.
MOSt Commodities has come out with its report on metals & energy. The research firm continues with its positive bias on MCX Gold and advises to go long on dips in Gold.
Way2Wealth has come out with its report on metals & energy. According to the research firm one can sell MCX Silver March around Rs 44900 with a stop loss of Rs 45551 for the target price of Rs 43800.
According to Angel Commodities in the evening session, precious metals, base metals and crude oil prices are expected to trade on a negative note on the back of rising concerns regarding the US debt ceiling.
IIFL has come out with its report on global commodity update. According to the research firm, MCX CPO March prices has support at Rs 455/10kg and resistance at Rs 465/10kg.
NS Ramaswamy of Ventura Securities feels that the MCX crude May contract is a buy in the range of Rs 5125-5140 per barrel. He reckons that after witnessing a sharp fall of 14% from USD 110.53 per barrel witnessed on 1st March, the dollar NYMEX crude has tumbled close to USD 95 per barrel.
Kunal Shah, head of research - commodities at Nirmal Bang Commodities feels that the long going crisis between US and Iran is seen moderating, due to which he expects crude oil prices to remain under pressure.
Kotak Commodity has come out with its report on Crude Oil. As per the research firm Support for MCX Crude Dec. contract is seen at Rs.4910 while Resistance is seen at Rs.5085.
Nirmal Bang has come out with its short term technical report on Crude. According to the research firm one can sell MCX Crude on rise till Rs.5100-5200/Bbl for the target of Rs 4628/Bbl and Rs.4550/Bbl
In an interview with CNBC-TV18, T Gnanasekar, research director at Commtrendz, said that copper is an indicator of economic strength and weakness and, thus, it might get benefitted by a weaker dollar.