Shreekant Jha, Managing Director at PJ Commodity Ventures feels that crude has started coming down and it is very close to the levels we were talking about which is Rs 5,000 per barrel. So he suggests hanging on to the short positions and perhaps book profits around Rs 5,000 per barrel levels. He says, “It is weak and the break of Rs 5,000 per barrel should see a fresh move on the downside.”
For intraday trade, Reena Walia, Senior Research Analyst - International Commodities at Angel Broking expects lead prices to come under pressure. She recommends selling the MCX lead May contract around Rs 108 per kilogram levels. “A stop loss can be applied around Rs 109 per kilogram and on the downside we are targeting Rs 106.50 per kilogram for today’s trade” she adds.
Dipen Shah, Business Head of Stayvan.com thinks that silver prices are consolidating at these levels and he sees a huge upside on the prices once USD 29 is crossed on COMEX. Similarly, he believes on MCX also Rs 54,000 per kilogram is acting as good support for silver prices and any dips near Rs 54,400 per kilogram should be used for buying with a stop loss of Rs 54,200 per kilogram for a target of Rs 54,800 per kilogram.
Ashish Kyal, Head of research at Commtrendz reckons that sharp rise in US dollar against basket of currencies over past one month is bearish for base metals. So he advocates selling copper on rallies to Rs 428 per kilogram with a stop loss of Rs 431 per kilogram and a target of around Rs 423 per kilogram.