Shreekant Jha, MD at PJ Commodity Ventures is looking at a support of around USD 830 to actually buy gold, which would work out to a support level of around Rs 11,000 on the MCX. He adds that gold will come to around USD 830 in about a month’s time.

Q: Let’s start with gold; it has seen a lot of choppiness today?

A: Looking at gold, we found it was trading around USD 911 this morning, and it has come down. We are looking at maybe a support of around USD 830 to actually buy gold, which would work out to a support level of around Rs 11,000 on the MCX.

Q: From USD 907 at this point, USD 830 seems quite on the lower side. How long do you think would that take to reach those kinds of levels?

A: We would actually expect it to come to around USD 830 in about a month’s time.

Q: What kind of strategy or range do you have for crude prices?

A: For a long time, since it was USD 90, we have been saying that it would go up to about USD 120. It is trading at somewhere around USD 108-110 at present, which is around Rs 4,300. It has got support at Rs 4,150 and we are looking at USD 122 being reached in about a month’s time definitely.

Q: A lot of bullishness in non-agro commodities, but how are the agro commodities looking now especially the edible oil complex, RM seed is one that you track quite closely.

A: We are looking at RM seed presently being rangebound between Rs 530 and Rs 480. So, we would probably sell Rs 530 and buy Rs 480. We expect this to continue for a few weeks at least.

Q: Another one that has seen some interest in the day today 1% up is turmeric, it has seen support in recent days, are you expecting more gains from these levels?

A: Turmeric, we are looking at Rs 4,000 in the slightly longer term. We are looking at supports of around Rs 3,000. So there is a good 25% available, which I think is really tradable.

Q: One final word on guar seed as well, because you had talked about it earlier, that has declined quite sharply, what are you looking at in that market?

A:  We are bearish on Guar seed. In fact our intraday calls for it is to actually come down from Rs 1870 down to Rs 1850 or Rs 1845 which it did. I think it is limit down today.