Expert tips to trade commodity markets

Sumeet Bagadia of Destimoney Commodities expects bullions to move up. So, for this week he advocates buying gold at around Rs 29,250 per 10 grams with a stop loss to be placed below Rs 29,150 per 10 grams on lower side for the upside target of Rs 29,400 per 10 grams. He further adds, “If prices are able to break and give close above that then a further rise can be seen till Rs 29,600 per 10 grams levels in next two-three days.”

Shreekant Jha, Managing Director of PJ Commodity Ventures reckons that crude has broken the Rs 5,000 per barrel range and has started moving up. Jha believes that there was a trend change and at present it is trading somewhere around Rs 5,100 per barrel levels. He says “Crude could come down today and if it does come down to around the Rs 5,000 per barrel levels, there is an opportunity for taking a fresh position for a target of Rs 5,200 per barrel. So, our strategy for the day would be to buy crude at Rs 5,000 per barrel and sell it at Rs 5,200 per barrel.” Rajini Panicker of MF Global Commodities recommends going short September silver on MCX at levels above Rs 52,900-53,000 per kilogram with a stop for this trade around Rs 53,300 per kilogram for target levels of Rs 52,400-51,900 per kilogram. Ram Pitre of Head research, ITI Limited suggests selling copper between Rs 424-425 per kilogram with a stop loss of Rs 427 per kilogram for a target price of Rs 421-419 per kilogram.