Tag Archives: Copper

Commodity bets: Buy crude, copper & gold; sell lead

17 Jun

Renisha Chainani of Edelweiss suggests buying crude at Rs 5,600 per bbl with stop loss of Rs 5,550 per bbl and targets at Rs 5,670 per bbl and Rs 5,680 per bbl on higher side.

Sugandha Sachdeva of Religare Commodities advises buying copper at Rs 406 per kilogram, keeping stop loss at Rs 403 per kilogram and prices likely to edge higher at Rs 415 per kilogram.

Dharmesh Bhatia of Kotak Commodities advocates buying gold at Rs 27,700 per 10gm maintaining stop loss at Rs 27,500 per 10gm and hold for target of Rs 28,250 to Rs 28,350 per 10gm.

Sumeet Bagadia of Destimoney Commodities recommends selling lead. “Rise in prices till Rs 121 or Rs 122 per kilogram in MCX should be used as selling opportunity with stop loss to be placed at Rs 124 per kilogram on higher side for initial target of Rs 119 per kilogram and prices are able to break and give close below Rs 119 per kilogram then further selloff can be seen till Rs 117 per kilogram in two-three days,” Bagadia adds.

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Supply disruptions in Copper, Platinum, Crude Oil and Grains possible: Barclays

1 Jun

Though the year so far has seen positive momentum when it comes to supply side of various commodities, Barclays does not expect the same to be the case as we move forward into the second half of the year. This applies to commodities like copper, platinum, crude oil and grains. Approaching the commodities one at a time would give us a better picture.

Copper

Monthly production data of copper from Chile, amongst the world’s biggest producers of copper, says that April saw the commodity declining in production by 1.2% y/y and 9% m/m. This is the first decline registered this year subsequent to an output growth of 7% y/y in Q1.

Platinum

There is an upcoming worker wage negotiation in South Africa with the political party of AMCU attending the talks for the first time. If the talks get protracted or a labour action stems from the same, supply disruptions may get to be the norm.

Crude oil

The Sudanese exports have been resuming slowly even as Yemen’s Marib pipeline has been repaired. But it may not be time for rejoicing as both developments are reversible. Yemen’s pipeline could be attacked yet again by the militants (“the frequency of pipeline attacks in Yemen have not faded and risk remains for a relapse”); nature of relationship between North and South Sudan being volatile, the crude oil flows may not be as reliable.

Besides the domestic conflicts and geopolitical factors are not favorable in Iraq, Libya and Nigeria.

Grains

Rain and wet weather have been playing dampeners as delays surface in US spring plantings of corn and soybeans.

 

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