Commodity bets: Trading tips for copper, nickel, gold

Rajini Panicker of MF Global Commodities India recommends to go long on September Nickel contracts on MCX at levels of about Rs 902 to about Rs 897. She also suggests a stop loss for this trade at around levels of Rs 887 for a target of Rs 925.

Ashish Kyal, Waves Strategy Advisors said copper continues to form higher highs and higher low formation since Rs 416 levels and this indicates a positive trend. MCX copper can be bought on dips to Rs 428 with a stop loss of Rs 425 and a target of around Rs 433.

Sumeet Bagadia of Destimoney Commodities expects aluminium prices to move down and touch levels of around Rs 103. He advises, any rise in prices till Rs 105.50 should be used as a selling opportunity with a stop loss at Rs 107 on the higher side and the downside target is Rs 104 and below that it would be Rs 103 in the next 3-4 days.

Dipen Shah, Stayvan.com said there was some consolidation towards negativity building up in terms of gold prices because the prices look over stretched in the shorter term and some sort of correction can be expected today. Although he is not suggesting expensive shorts but on intraday basis, gold could be sold at around Rs 31,360 with a stop loss of Rs 31,460 for a target of Rs 31,160, opined Shah.