Commodity Bets: Expert views on crude, silver & copper

Shreekant Jha, Managing Director of PJ Commodity Ventures reckons that yesterday crude reached very close to Rs 5,200 per barrel which he was anticipating. He suggests that there is a buying opportunity for people who have already booked profits at Rs 5,100 per barrel today. Jha says, “Today you could buy crude at Rs 5,100 per barrel and again look to exit around Rs 5,200-5,250 per barrel.”

Renisha Chainani, Deputy Manager - Research of Edelweiss believes that silver is in a phase of bottoming out. She feels that on comex, the bottom is around USD 26 per ounce and at MCX the bottom is around Rs 52,000 per kilogram. Chainani says, “At comex if prices trade above USD 28.5 per ounce and sustain above it, it could go up to USD 30 per ounce in a medium term. So, at MCX I would recommend for intraday traders to buy around Rs 53,500 per kilogram with a stop loss of Rs 53,200 per kilogram and target of Rs 54,000 per kilogram on the higher side.”

Dipen Shah, Business Head of Stayvan.com advises buying silver on MCX around Rs 53,300 per kilogram levels with a stop loss of Rs 53,000 per kilogram for a target of Rs 53,900-54,000 per kilogram.

Sumeet Bagadia of Destimoney Commodities expects copper prices to move down and touch levels of around Rs 407 per kilogram. He advocates using prices till Rs 420-421 per kilogram as selling opportunities with a stop loss to be placed at Rs 425 per kilogram on higher side for the downside target of Rs 412 per kilogram and below that Rs 407 per kilogram in next two-three days.