Here is a verbatim transcript of commodities editor, Manisha Gupta's comments on CNBC-TV18. Also watch the accompanying video. Commodities are witnessing a bit of profit booking. The Asian markets actually have lower volumes today again and we are looking at a very rangebound trade here. Crude prices are under pressure ahead of the US inventory data on the weekly basis where the markets are expecting another increase for the ninth straight week and that is what is putting pressure on the prices. But it still is holding USD 50/bbl on the lower side. USD 55/bbl continues to be a resistance. In case of MCX, it was Rs 150 of a loss yesterday and today, it has opened lower by Rs 10; some buying is coming in at this point in time on MCX December contract. Gold prices also are looking at some profit taking; we saw 1.5% of gains in the markets yesterday. It is still holding about USD 808/oz that is an important support on that one. But the weakness in US dollar is supporting the prices. Crude is also holding around USD 50/bbl and it has led to some kind of a consolidation in case of gold prices. On MCX, it declined by Rs 55 that is because of the rupee calculation and today, it has opened Rs 20 on the lower side; some buying is coming in now at MCX December contract. Base metal prices were quite flattish in the markets and in Shanghai as well. The Asian markets right now are not looking at too great volumes; they are very sideways and nearly half to one percent of a move here and there. Copper continues to hold below that USD 3,700/tonne mark even at this point in time. Aluminum though has seen that USD 1,800/tonne mark come back into the markets again but the markets would continue to take cues from equity markets and currencies even at this point in time. On MCX, we saw Rs 2 of a loss yesterday and quite sideways movement is what we are looking at this point in time on MCX January contract.

Source