 |
Copper and zinc prices are expected to cool off |
 |
|
|
back to the News
Kaushal Jaini of Networth Stock.com said that the copper and zinc prices are expected to cool off. He added that there is a major support for copper at 321 levels and they will go short if it breaks those levels.
According to Jaini, after the Fed Governor Ben Bernanke's statements, some rally can be expected in gold prices.
Excerpts from CNBC-TV18's exclusive interview with Kaushal Jaini:
Q: Do you expect the announcement of China raising its interest rates by 27 basis points to have any impact on metal prices?
A: We expect a cooling off in the prices of base metals, especially copper and zinc, on an immediate basis. We will have to see whether to go for a short covering or for a short sell.
For copper, there is a major support at 321 levels. We will go short if it breaks those levels. Till those levels hold, we can go long on MCX levels, targeting 329 to 332 levels. But we can still expect some profit booking because of this news.
Q: What would be the view on gold at this juncture? We have seen the first signs of the rally, which was not materialising ,despite high crude prices. Do you think gold will now break out and are you seeing a rally there?
A: Yes, gold in international spot has already broken USD 671. Now this is a good turn for gold to touch at least USD 685-690 on the upper side.
With the Fed Governor Ben Bernanke's statements on the US economy worsening, the housing sector giving more weakening signs and the dollar getting weaker, we can expect some rally. back to the News |
