See crude around $73.5-74/bbl in near-term: Emkay Commtrade
Published on Tue, Feb 09, 2010 at 17:29 | Source : CNBC-TV18
Updated at Tue, Feb 09, 2010 at 19:22
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See crude around $73.5-74/bbl in near-term: Emkay Commtrade
In an exclusive interview with CNBC-TV18, Atul Shah, Head Commodity, Emkay Commtrade Ltd, talks about various commodities and gives his outlook going forward.
In an exclusive interview with CNBC-TV18, Atul Shah, Head Commodity, Emkay Commtrade Ltd, talks about various commodities and gives his outlook going forward.
Here is a verbatim transcript of the exclusive interview with Atul Shah on CNBC-TV18. Also watch the accompanying video.
Q: What is your prognosis on crude because it has seen a bit of stabilization and a bounce back and USD 70 per barrel has acted as a bit of a support?
A: I think right now geopolitical tension has been created due to some of the Iran statement and secondly unusual cold weather forecast which is there in US because of that we might see some pullback. We can see crude ruling up to USD 73.5 per barrel to USD 74 per barrel and in Indian terms that can lead us to Rs 3,450 per barrel levels.
Q: What is the strategy on base metals in general where there has been a bit of bottom fishing and particularly in copper and zinc?
A: According to our view, presently it is a short covering rally which is coming and in this short covering rally we can see copper bounce back upto USD 306-308 levels and even zinc can bounce upto USD 96-97 levels. But overall we think that this is only a short covering rally and a pullback rally and again we will see a good selling in this in near future.
Q: Leave us with your views on gold, how you should trade it right now?
A: Until and unless gold is trading below USD 1,080 per ounce, we can see a target of USD 1,054 per ounce, so in Indian terms you can see still Rs 16,100 per 10 gram.
