Commodity Tips By Expert

NS Ramaswamy of Ventura Securities recommends buying MCX Gold August contract at levels of Rs 30,050-30,070 per 10 grams with a stop loss of Rs 30,010 per 10 grams. We expect targets of Rs 30,180 per 10 grams and beyond that Rs 30,250 per 10 grams.

Ram Pitre, Head research at ITI Limited expects crude oil trade higher due to improved sentiment for euro and corrective rally expected in US dollar. So, he suggests buying crude at around Rs 4,700 per barrel with a stop loss of Rs 4,660 per barrel for a target price of Rs 4,770-4,800 per barrel.

Priyank Upadhyay of SSJ Finance & Securities feels that after the recent pullbacks in commodities, resistance is coming in base metals on higher levels. He looks to sell lead on rallies around Rs 108-108.50 per kilogram with a stop loss above Rs 110 per kilogram and we look for targets of around Rs 105 per kilogram.

Sumeet Bagadia of Destimoney Commodities reckons that nickel will continue to move up for the day. So he advises initiating long position at around Rs 890 per kilogram levels with a stop loss to be placed below Rs 880 per kilogram levels for the upside target of Rs 910 per kilogram and above that Rs 920 per kilogram .

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Crude Updates: Commodity Evening Report

MCX Crude (August) is looking weak for the day and its nearest downside support is seen near 4278. Below the same crude may further fall down to 4220-4190 levels initially. On the upside if CRUDEOIL manages to break above 4355, it may cause turn higher towards 4400 levels.  

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MCX Crude Oil Updates

MCX Crude May contract closed on Tuesday at 4995 rupees per barrel, down by 8 rupees against previous close of 5003. The contract opened strong this morning at 4998 made an intraday low at 4991 and last traded at 5003 up by 8 rupees after touching an intraday high of 5032.

In international markets, Crude prices last traded near 112.3 USD per barrel. As per expectation by analysts, if Crude oil inventory data to be released tonight by EIA comes up, then Crude prices may fall on profit booking. Crude in dollar terms may touch 107-103 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4700-4600 in the coming few trading days.

Support for Crude is seen at 4900 and below it; prices can test 4775 while the resistance levels are seen at 5100 and 5250 respectively. Short term range for MCX Crude Apr contract is seen at 4600-5100.

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