Copper should breakout on higher side: Global Financial Mkt

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS Bearish on copper, crude: Anand Rathi Commodities

In an exclusive interview with CNBC-TV18, Bharath Kumar, Global Financial Market, discusses various commodities and gives his outlook going forward.

Here is a verbatim transcript of the exclusive interview with Bharath Kumar on CNBC-TV18. Also watch the accompanying video.

Q: What is the call on MCX crude?

A: The way crude has traded in this particular week, the low is already in the market and I think the market should slowly inch upwards from here. Incase of MCX crude, I think one can initiate long positions at Rs 3,697 per barrel range and stoploss needs to be maintained below Rs 3,666 per barrel and we can see the price going towards Rs 3,770 per barrel during the end of evening.

Q: What is your view on copper, what is your strategy?

A: Because of the Greece hangover in currencies we have seen a lot of consolidation in case of copper. But I think eventually it should break on the higher side with Dow Jones trading above 10,800 during a couple of trading sessions. So incase of copper, one can initiate long positions in Rs 342 per kg on MCX April basis, but stoploss needs to be maintained below Rs 339 per kg and initially it would target around Rs 344 per kg. Once the market closes above Rs 345 per kg, a new trend would establish in case of copper.

Q: What is your estimate on dollar index?

A: It's a mixed bag. I think much of support incase of dollar index is from the Yen side. But incase of Euro, maybe we may see a little bit of bottoming out, but that may take a couple of trading sessions from now. So incase of the dollar index, I think 81 should be a decent resistance, but still the trend is sideways and maybe 81 should pose as a decent resistance.