Commodities weak; sell gold, copper & crude: PJ Commodities

Shreekant Jha, managing director of PJ Commodity Ventures spoke to CNBC-TV18 about his expectations of the commodity space. Check out his comments!

Below is the edited transcript of the interview. Also watch the accompanying video. Q: What is the call that you are taking on gold, do you think some more weakness is likely?
A: Yes, I think it is going to get little weak and if you are looking at selling into it, maybe Rs 28,000 per 10gm would be a good level. It should retrace back there and then maybe you will see Rs 27,400 per 10gm again. Q: How will you trade crude?
A: Crude has put us in a bit of a fix because it was hanging around Rs 5,100 to 5,400 per barrel levels, and now it kind of slipped down below that. So I think you maybe looking at selling it on the retracement at Rs 5,100 per bbl, maybe for Rs 4,900 per bbl. It is little weak and at this juncture, international markets are not that active. It may hang around in that area for a while. Q: What would you do with copper?
A: I think when it crossed the 400 mark, we thought it may turn and get little bullish. Unfortunately, what we recall is it has breached Rs 400 again and come down. So it is showing signs of weakness. Sell it around Rs 395. You will see it touch lows of about Rs 380-385.