Fall in rupee will hold bullion prices up: Naveen Mathur

Naveen Mathur of Angel Broking spoke to CNBC-TV18 about his views on the commodity market.

Also Read: Expert tips to trade crude, silver, natural gas, copper Below is the verbatim transcript of Mathur's interview with CNBC-TV18 Q: What is the outlook for bullion? A: We believe that the markets would move up for the bullion. Therefore, the recommended strategy for both gold and silver would be positive for the day. For gold MCX December contract, the strategy would be to buy it at around Rs 31,720-31,750 per 10 grams levels. Place a stop loss for this trade at around Rs 31,630 per 10 grams for targets on the upside in the range of Rs 31,900-31,920 per 10 grams. Right now it is trading at around Rs 31,870 per 10 grams. Silver is also in the buy list. The depreciation of the rupee would hold the prices on the upside in the Indian market. At the same time, in dollar terms, the prices look to be positive because of the weakness in the dollar index and the optimism building around the global economy - that they will resolve the fiscal issue and the Euro Zone problems would be taken care of in the meeting of the EU ministers. Q: Why do you have a buy on copper? A: The sentiments in the global markets and the positive Chinese data came day before overall looks positive for copper. At the same time, rupee depreciation would also give a flip on the upside for the copper prices on MCX. Therefore recommend buying copper on the MCX for the month of November at around Rs 424-425 per kilogram levels. Place a stop loss at Rs 421 per kilogram for targets on the upside in the range of Rs 430-431 per kilogram.