MC: See crude below USD 90/bbl ahead: Kotak Commodities
Raghavan Sundararajan, Research Analyst, Kotak Commodities expects crude go below USD 90 per barrel going forward.
Here is a verbatim transcript of the exclusive interview with Raghavan Sundararajan on CNBC-TV18. Also watch the accompanying video.
Q: Your take on crude at this juncture? Do you think that it will give away this level, give away even this USD 90 per barrel in next couple of weeks?
A: I expect crude to go below USD 90 per barrel. But at this point if you see it is trading between around the USD 93 per barrel and USD 98-100 per barrel levels. So selling close to around USD 98 per barrel would be an advisable strategy.
Q: Do you expect more resilience in gold, how you trade even in rupee terms?
A: In rupee terms, it does look to remain weak possibly for over the next couple of weeks. So maybe in rupee terms we may not see much downside in gold prices. But because of the non-farm payroll numbers we could see around USD 860 per ounce today. Those would be good levels to sell gold and expect a downside target of possibly around USD 810 per ounce where the market should take support. As far as the local markets are concerned, I expect Rs 13,000 levels to be good selling levels and maybe we can expect a target of around Rs 12,400.