Commodity Bets: Experts bullish on crude & copper

For intraday trade Reena Walia of Angel Broking recommends buying MCX crude oil July contract around Rs 4,490 per barrel levels with a stop loss below Rs 4,430 per barrel for an upside target of Rs 4,690 for today’s trade.

Shreekant Jha of PJ Commodities talked about gold reaching Rs 30,200 per 10 grams and a sell at one point of time but it just came very close to that - Rs 30,180. “Today I think we may again see it retracing back to Rs 30,000 per 10 grams levels which will again be a good point to sell it and perhaps we would look at Rs 29,700 per 10 grams as the target on the downside” he says. Priyank Upadhyay of SSJ Finance & Securities reckons that crude is consolidating at around Rs 4,500 per barrel levels. He believes that there are more chances of a pullback in crude. He further adds, “We will like to buy crude at around Rs 4,500 per barrel with a stop loss below Rs 4,460 per barrel and we expect targets of around Rs 4,580 per barrel followed by Rs 4,620 per barrel”. Ashish Shah of Sushil Finance feels that this week copper will hold the level of Rs 413-412 per kilogram on the lower side. For intraday, he suggests buying copper at current levels and dips to Rs 414 per kilogram with stop loss below Rs 412 per kilogram for a target price of Rs 421 per kilogram to Rs 424 per kilogram on the higher side.