Experts bullish on copper; negative on gold, crude & zinc

Shreekant Jha of PJ Commodities feels that gold declined yesterday and came down to Rs 29,700 per 10 gram levels. So, today he feels on the retracement it would be good position to sell into maybe around Rs 29,800 per 10 gram levels and cover it around Rs 29,600 per 10 gram. “As far as today’s target goes and the trade goes, sell gold at Rs 29,800 per 10 gram and cover it at Rs 29,600 per 10 gram.” he adds.

Ashish Shah of Sushil Finance reckons that crude will lose momentum once again with a failure to close a break above Rs 4,620 per barrel levels. So, he suggests traders to go short on crude at current levels and rallies to Rs 4,580 per barrel with a stop loss above Rs 4,620 per barrel on a closing basis and on the downside looking at targets of Rs 4,500-4,470 per barrel. Priyank Upadhyay of SSJ Finance & Securities advises buying copper on dips around Rs 415 per kilogram with a stop loss below Rs 412 per kilogram for targets of Rs 423 per kilogram followed by Rs 425 per kilogram. For the intra day trade, Reena Walia of Angel Broking expects base metals to trade on a negative note and hence recommends a sell in the MCX June zinc contract at around Rs 103 per kilogram with a stop loss of Rs 104.50 per kilogram and a target on the downside of Rs 101 per kilogram.