Copper will bounce back in short term: Milan Bavishi, Inventure Growth & Securities

Milan Bavishi, Head, Commodity Research, Inventure Growth & Securities, in a chat with ET Now, gives his outlook on commodities


What would be your view on gold at these levels?

Basically gold is seeing a buying interest due to correction of dollar. Gold could be bought on dips for the targets of Rs 28,900 and keep a stop loss at Rs 28,450. On COMEX, gold has a resistance at $1735, so watch out for that level.

What about your view on copper?

Its lower industrial profits in China basically could encourage the Chinese government to ease policies over there and this expectation of this policy is sufficient to send copper rising. Copper could be bought on declines for the targets of Rs 388 for the day and keep a stop loss at Rs 378. Overall copper will consolidate and could bounce back to Rs 403 levels in the short term.