Crude oil holds USD 85/bbl level

Tensions between Israel and Iran pushed up crude oi prices on Wednesday. US crude was stable on bullish inventory data. EIA says inventories rose by 840,000 barrels; market expected over 2 million barrels rise in inventories. Crude oil was trading over USD 85 a barrel today.

Copper was recovering from yesterday's fall. LME Copper was down 1.7% yesterday while gained 0.5% this morning. Copper saw fresh record of USD 10190/tonne on Tuesday while it was mainly concern on rising inventories.

Precious metals were steady after Middle East tensions. Sugar gained 3.5% to close above 29 cents/lb.

Data to watch
-Consumer Price Index for January
-Jobless Claims for the week
-Philadelphia Fed Survey

Angel Commodities advised to:

- Buy gold MCX April contract at Rs 20450 per 10 grams, with a target of Rs 20650 and keep a stoploss at Rs 20340.
- Buy crude MCX February contract at Rs 3820 per barrel, with a target of Rs 3900 and keep a stoploss at Rs 3770.

(Source: http://www.moneycontrol.com/news/cnbc-tv18-analystcommodity/crude-oil-holds-usd-85bbl-level_524108.html)