Experts bullish on gold & crude, negative on copper

Shreekant Jha, Managing Director of PJ Commodity Ventures planned to enter gold at Rs 29,700 per 10 grams and yesterday it went up to about Rs 29,850 per 10 grams. He hopes that today the Rs 30,000 per 10 grams levels on gold should be reached. He adds, “If you are long on gold at Rs 29,700 per 10 grams - hang on to your positions and you can probably get off at about Rs 30,000 per 10 grams.”

Rajini Panicker of MF Global Commodities recommends going long on the August crude oil contract on MCX at levels of around Rs 4,060-4,050 per barrel with a stop for this trade at around Rs 4,015 per barrel levels for target levels of around Rs 5,040-5,050 per barrel. Ram Pitre, Head research of ITI Limited believes that on going geopolitical tension and positive comments on euro will support crude oil prices. So, he suggests buying crude oil at Rs 4,975 per barrel with a stop loss of Rs 4,945 per barrel for a target price of Rs 5,020-5,060 per barrel. Sumeet Bagadia of Destimoney Commodities advocates initiating sell position in copper at around Rs 420 per kilogram levels with a stop loss to be placed at Rs 424 per kilogram on higher side for the downside target of Rs 416 per kilogram and then Rs 412 per kilogram in next two-three days.