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July 12, 2018 05:55 PM | Commodities

Expecting recovery in metals anytime soon, says CommTrendz Research

T Gnanasekar, CommTrendz Research said we are expecting recovery in metals anytime soon.

Talking about metals, T Gnanasekar, CommTrendz Research said, “Things are more or less factored in, it has overdone the way they have seen the falls and it is making a yearly low. Technically, there is going to be recovery anytime soon but it would all depend on the news flows that continue in the coming months or coming weeks on the trade war situation."

"I guess the market will get immune to it and would just start focusing back on the trade and on fundamentals which seems to be robust.  I expect some recovery from here and I think big list inclusive of copper, nickel, zinc, lead all of them could see a decent recovery of 5-7 percent or even 10 percent in the coming weeks," he added.

Talking about crude oil, “Having stop loss is extremely important as you cannot take a mid-term to long term view. The overall situation right now is building up in such a way that US is trying to pressure on OPEC to increase supplies that might drag prices lower and people who have been long with the higher levels could start exiting positions. There is a fairly strong support near $70 and there is a lot of positive that can again take markets to higher levels. $69-70 is going to be a very strong level and should hold and back to $78-80.”
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