Sep 14, 2012, 01.35 PM IST

Commodity Bets: Experts advice buying gold, crude, copper

Renisha Chainani of Edelweiss reckons that natural gas prices have risen more than 10% in last three trading sessions it could come under pressure due to weak seasonal demand in coming days.

Bazaar at 08:00 am

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Priyank Upadhyay of SSJ Finance & Securities feels that gold prices could see a correction towards Rs 31,700-31,600 per 10 grams which are again good support areas. He suggests buying gold around Rs 31,650 per 10 grams with a stop loss below Rs 31,500 per 10 grams for targets of around Rs 32,000 per 10 grams followed by Rs 32,200 per 10 grams in short-term to medium-term.

Naveen Mathur of Angel Broking expects the crude oil prices to move upside. Technically, he recommends buying the crude oil contract for the month of September at around Rs 5,340 per barrel to Rs 5,350 per barrel with stop loss of Rs 5,300 per barrel for targets on the upside in the range of Rs 5,420 per barrel to Rs 5,430 per barrel for the day.

Renisha Chainani of Edelweiss reckons that natural gas prices have risen more than 10% in last three trading sessions it could come under pressure due to weak seasonal demand in coming days. She advocates selling natural gas around Rs 170-172 per mmbtu levels at MCX with a stop loss of Rs 175 per mmbtu and target of Rs 162 per mmbtu and Rs 160 per mmbtu on the lower side.

Ravindra Rao of Motilal Oswal believes that copper has been sustaining very well above Rs 450 per kilogram levels but he feels prices might dip slightly towards Rs 448-449 per kilogram levels, which can be again used as a good buying opportunity. He thinks that on the lower side, Rs 444 per kilogram is a very good support which can be maintained as a protective stop for upside target of Rs 456-458 per kilogram on the higher side.

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