Experts bearish on gold, crude, lead; bullish on copper

If an investor is short on gold that is if you have got into gold at the Rs 29,100 per 10 grams levels, then Shreekant Jha, Managing Director of PJ Commodity Ventures recommends remaining short, hold on to those positions and then probably cover it at the Rs 28,600 per 10 grams levels. He feels that gold is weak and it is declining in value.

Ashish Kyal, Head of research at CommTrendz things that US crude stock piles have approached near 22 year high and it is bearish for oil. So he advises selling crude on rallies to Rs 5,110 per barrel with a stop loss of Rs 5,150 per barrel and a target of around Rs 5,050 per barrel. Reena Walia, Senior Research Analyst - International Commodities at Angel Broking expects base metals to trade with a positive bias in today’s trade and hence recommends a buy in MCX copper June contract around Rs 427 per kilogram levels. “Apply a stop loss of around Rs 423.30 per kilogram and on the upside we target around Rs 432 per kilogram for today” she adds. Dipen Shah, Business Head of Stayvan.com advocates that lead should be sold as there could be a faster fall in lead prices other than other base metals as compared to it. So he advises selling lead on MCX could around Rs 108.50 per kilogram with a stop loss of Rs 110 per kilogram for a target of Rs 105 per kilogram with a five day horizon in mind.