Published on Thu, Mar 18, 2010 at 13:11 | Source : CNBC-TV18
Updated at Thu, Mar 18, 2010 at 14:11
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Bearish on copper, crude: Anand Rathi Commodities
In an exclusive interview with CNBC-TV, Tarang Bhanushali of India Infoline and Kishore Narne VP, Anand Rathi Commodities, speak about various commodities and give their outlook going forward.
Narne:Gold is a bit confusing as of now, there is lack of short-term trend which is hampering the volumes also on both Comex and the domestic markets. I think it should be a good buy on the levels of about Rs 16450-16500 levels, but it's precisely a currency play as of now. We are looking close to Yuan and Euro, how they fare by the month end that should give clarity on that. Yesterday, Germany came up with that its not going to help Greece and look for IMF aid. So there is large amount of uncertainty paring in the currency markets that is keeping the gold traders also guessing about the direction. So I feel it's a buy on dip and look for targets of about Rs 16900 to Rs 17100 probably in 15-20 days time.
Q: How would you approach Zinc?
Bhanushali: This is also largely in a sideways movement, for short-term if you look at Rs 101 or Rs 102 levels you can buy, if you are a short-term player you can buy at Rs 105. If it rallies to Rs 107 or Rs 108 then I would again turn into a net seller and as I said this is in sideways band and not breaking on upside nor on downside, so I would recommend a sell on Rs 107 and a buy at Rs 105.
