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Chat Transcript
30 Apr - 05:00 hrs
Naveen Mathur | Associate Director- Commodities & Currencies, Angel Commodities
Where are commodities headed?
Chat Transcript
| Naveen Mathur: hello |
| debashis1975: Hi Naveen, how do you view copper (june) : intraday, short term & positional ? |
| Naveen Mathur: Copper looking weak, currently it is trading around 384 for intraday it can go up to 382, for shortterm 375 and positionaly it can take support at 370 levels. |
| debashis1975: What should be the trading strategy for crude oil : intraday & positional |
| Naveen Mathur: crude is looking weak for intraday, one can sell crude at 5100, stoploss 5140, target - 5040, but positionaly it is looking positive $95 is a very strong resistance, above $95 it can rally further $98 to $100 and accordingly in MCX prices. |
| kishen90: with the expected rainfall to be moderate this year and sugar subsidies been lifted by govt.,where do we see sugar prices one year down the line? |
| Naveen Mathur: Although, plantings in cane belt of Maharashtra has a taken a hit, normal monsoon situation as predicted by IMD in its first long range forecast, may boost Sugarcane yield next season. |
| guest: can i go long position in gold now? |
| Naveen Mathur: the trend of gold is weak, but for intraday perspective you can go long around 26870, with stop loss of 26800, target - 27050. but we are recommending to sell gold at 27080 - 27100, with stop loss of 27200, target - 27900 |
| aakshaayp: According to the reports the European nations were selling gold to get rid of their debt, which weas the major reason in fall of gold price but why has silver corrected to this extent?? what can we expect ahead w.r.t silver?? |
| Naveen Mathur: Silver usually follows gold prices, but some times it takes cues from Base Metals also. As per our expectation silver could find strong support at $21 and should trade in tandem with gold price. |
| Naveen Mathur: Hello Kishen90 :- However, as prices are trading below cost of production levels and with partial decontrol of sugar industry, we don稚 expect much downside in the prices. Infact prices may now start recovering gradually from the current levels amid, summer season demand. |
| guest: Sir, I am short on Silver Mini expiring today from 44,700 level. What should I do now?? |
| Naveen Mathur: the trend of silver is weak, you can hold sell position or carryover the silver mini sell position, and we are expecting that silver prices will trade between 43500 - 46000 levels. |
| debashis1975: In copper, if we consider the forthcoming data from china from 1st to 3rd May, even if the data is negative, the chinese govt / bank is expected to come out with strong growth measures. So do you foresee a turn-around in copper soon and do you advice to start taking buy positions in copper in limited quantities with price gaps, for positional trade long term |
| Naveen Mathur: the inventory of copper is on 10 year high and we are seeing a slow economic growth in china, we are not advising to create buy position in copper, but as per technical levels strong support can be seen at 365 - 360, so one can start accumulating from this levels. |
| moderator: This chat has now ended. Thank you Mr. Mathur for sharing your views, and thank you viewers for your participation. |
| moderator: The transcript of today`s chat will be available on moneycontrol.com soon. If you have any suggestions on this chat you can send e-mail to feedback@moneycontrol.com |
