Commodity Bets: Expert tips on crude, silver, lead & nickel

Shreekant Jha, Managing Director of PJ Commodity Ventures believes that couple of weeks ago, when crude actually crossed the Rs 5,000 per barrel level, it gave indications that it was getting stronger. He reckons that it was in a position where investors should be buying into it rather than selling into it. Jha adds, “Under the circumstances, now we suggest buying crude. Buy it from the Rs 5,250 per barrel levels and you will see Rs 5,400 per barrel in the near future.”

Ravindra Rao of Motilal Oswal feels that silver was consolidating in a very narrow range but it has come out of that range. He expects the prices to hit Rs 54,500 per kilogram in one of two sessions. Rao says, “Dips should be used as buying opportunity. One can buy silver near Rs 53,600 with a strict stop loss of Rs 53,300 for an upside target of Rs 54,250 and then Rs 54,500.” Sumeet Bagadia of Destimoney Commodities expects lead prices to move down and touch levels of Rs 101. He advocated using rise in prices till Rs 104.50 per kilogram as selling opportunities with a stop loss to be placed at Rs 106 per kilogram on higher side for the downside target of Rs 103 per kilogram and below that Rs 101 per kilogram in next couple of days. Dipen Shah, Business Head of Stayvan.com says that base metals are now breaking their support levels which could eventually lead to a very downfall in all the base metal prices. He thinks that their huge support levels are getting broken on a consistent basis. Shah says, “Nickel has also broken its support levels. Hence, nickel could be shorted around Rs 870 per kilogram with a stop loss of Rs 890 per kilogram for a target of Rs 850-830 per kilogram in the medium to longer term.”