Buy crude oil, base metals: Sushil Sinha, Karvy Comtrade

In a chat with ET Now, Sushil Sinha, Country Head, Karvy Comtrade Ltd. (Outlook on Commodities), shares his views on market outlook.

What is your outlook crude, do you see the rebound sustaining?

Crude prices we have got the data like US and even Eurozone that is on the negative side but the Chinese side Yuan is strengthening. Has strengthen a lot 17 years high and that is one of the important factor and importing crude is going to be cheaper for them. Crude and base metals that should gain further from here and anyway downside is limited strategically and technically so I think that crude should gain while base metals should also be gaining while gold is one of the factor taking a lot of influence on that so trade deficit data is very important also. For the day, we will be having a buy side on the crude oil and even on base metals also.

What is your strategy on base metals because copper has been seeing some support?

If you are talking of base metal, we will wait for further moving up market. Market will be taking further correction for base metal and for copper but I am sure that there is not much higher side also. This is a range moment only so today buying around 398-399 can be a good idea and that would be for this weekend only and the next week we will having further new direction. My idea is just to take the advantage of Yuan correction. Yuan getting higher and for that side we should buy base metal and crude for the couple of sessions only and then we should book profit particularly for crude oil and copper on the further advancement.