Renisha Chainani of Edelweiss suggests buying gold on MCX at Rs 31,200 per 10 grams levels. Chainani says, "Place a stop loss for this trade at Rs 31,150 per 10 grams for targets of Rs 30,400 per 10 grams."
Naveen Mathur of Angel Broking recommends buying copper contract on the MCX. According to him, the fundamentals are very strong - the falling inventories, weaker dollar, at the same time the positive market sentiments.
Naveen Mathur of Angel Broking recommends buying MCX gold contract for the month of June at around Rs 28,550 to Rs 28,580 levels. He suggests placing a stop loss at around Rs 28,450 and expects targets to be in the range of Rs 28,790 to Rs 28,800 levels for the day.
Commodities to watch out for in today's trade
Experts say that it is best to go long on crude and gold in the commodity space today.
What do four commodities expert think about trading gold, copper and crude oil from the commodity basket?
Kaushal Jaini, Dani Commodities says, “We don’t see, atleast for a couple of days, gold crossing Rs 28,050 per 10 grams on the upper side. It may retest Rs 27,650-27,700 per 10 grams. So, go short on every rise with stop loss of Rs 27,950 per 10 grams. Go short at Rs 27,850-27,900 per 10 grams with a target of Rs 27,800 -27,750 per 10 grams."
Naveen Mathur of Angel Broking is bearish on zinc. He suggests a sell at Rs 107. He recommends a target of Rs 103 with a stop loss at Rs 107.60.
Ashish Shah, Sushil Global Commodities recommends traders to long copper.
On CNBC-TV18, experts give their view on the commodities to bet on during these turbulent times.
Global commodities are taking a backseat on the back of mounting worries over the US deficit and the Eurozone’s austerity measures.
CNBC-TV18 spoke to four commodity experts to find out what their trading strategy is on select commodities like gold, silver, crude oil and base metals.
The Dec contract on MCX for crude can be bought on dips to Rs 4,700 per barrel with a stop loss at Rs 4,650 per barrel and target of Rs 4,825 per barrel, said Comm Trendz Research & Fund Management's T Gnanasekar. Gold having reached an unmarked territory, PJ Commodity Ventures' Shreekant Jha said that the next target is Rs 29,000 per 10 gram.
In commodities, Ram Pitre, director of Brics Securities suggested selling crude on a rally between Rs 4,020-4,030 per barrel for a stop loss of Rs 4,060 per barrel and a target of Rs 3,900-3,850 per barrel.
Rajini Panicker, head of commodities research at MF Global Commodities India recommended a short on Multi Commodity Exchange (MCX) crude oil contract at levels of 4,120 for a stop loss of Rs 4,185 per barrel and target of Rs 3,920-3,900 per barrel levels.
T Gnanasekar, director, CommTrendz Research & Fund Management said, “Silver, which has been lagging in this entire move, could bounce back quite sharply. I think it will open with a gap today. Anywhere near Rs 59,500 could be a good level to buy MCX September silver for a possible target of Rs 60,600-60,700.
Gold has been creating waves in the commodities space, hitting new lifetime highs. Commodities in general have seen a surge on heavy safe haven buying amid concerns over debt in the US and the euro zone. Below are the top commodity picks for the day.
Crude and silver are expected to do well today, say experts. Check out the targets they are looking at.
Commodities have been the flavour of the season. But how will they perform going ahead? Experts tell you.