Would look to buy gold at decline: Kunal Shah, Nirmal Bang Commodities

In an interview with ET Now, Kunal Shah, Head of Research, Nirmal Bang Commodities, talks about the outlook for copper and gold. Excerpts:

ET Now: At current levels, how would you want to close the week on copper?

Kunal Shah: Because of supply concerns, copper prices are moving up. We have a mines pack in the 3 major copper mines. Despite interest rate hike from China and from Eurozone, we are not seeing any traction in the prices. So, for the near term, prices may hold onto these levels and may touch levels of 441-442 but it is absolutely a mismatch between the fundamentals. This trend may continue for a couple of days but I would look to book my profits between 440 - 445 because the strike news also would get discounted in those prices.

ET Now: Gold is up nearly 3% in this week. Silver is up 4.5%. Do you see the strength in precious metals also continue today?

Kunal Shah: It depends on the job reports of US. If it is a better than expected job report, it will definitely be negative trigger for precious metals but I would continue to believe that gold is still going to do well in a near term because we are not fully out of woods as far as the European prices are concerned. The next payment from Greece is going to be watched out as the crisis can resurface again. So, I believe that gold is still not looking very bearish. For the day, we may see levels of 22050-22060 but I would look to buy at decline especially in case of gold.