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Jun 20, 2011, 04.46 PM IST
Kishore Narne, VP of Anand Rathi Commodities, in an interview with CNBC-TV18's Reema Tendulkar and Sonia Shenoy, expects the crude prices to go below USD 90 per barrel in the next month. He said, "The crude prices would consolidate around USD 85-86 per barrel levels."
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He further stated, "Gold won’t see a big surge. Gold is one such commodity which one can bet on and expect decent returns." He added, "Another 5-7% upside can be easily possibly with current turbulence going on in Europe."
Below is the verbatim transcript of the video. Also watch the accompanying videos.
Q: What would you do with crude now? It is not recovering so much.
A: The overhang of inventories is playing on the price. In the next month or so, we will see the crude prices below USD 90 per barrel. It should be consolidating around USD 85-86 per barrels. Even a small blip rally should be sold into. We look for targets of close to Rs 3,940 or Rs 3,850 on Multi Commodity & Exchange (MCX).
Q: As the debt crisis increases and worries are increasing, we have been seeing a lot of safe haven buying. Do you expect gold to see a very big surge on account of that? What would be the levels to watch for?
A: There would not be a big surge in gold. It will sustain against most of the odds. This is one commodity which one can bet on and expect decent returns. Another 5-7% upside can be easily possibly with current turbulence going on in Europe. One should be buying at dips around Rs 22,400 levels with stop loss below Rs 22,200 which will be around USD 1510 per ounce on Commodity Exchange (COMMEX). We look for targets close to around Rs 22,850.
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