Here is a transcript of Commodities Editor, Manisha Gupta’s comments on CNBC-TV18. Also watch the accompanying video.
Euro above 1.3 per US dollar is what supporting the crude prices. It was traded between USD 42-46/bbl yesterday. US inventories increased a bit yesterday. OPEC and Russia cooperation for likely cut in crude output is supporting the prices. Near-term range for crude prices is seen at USD 42.46/bbl.
On the MCX, Crude gained by Rs 72 yesterday but today, it fell by Rs 60 on the MCX February contract.
Gold also gained yesterday; has seen USD 770 per ounce on the lower side and USD 812/oz on the higher side. It gained nearly 4% yesterday. It is still holding that USD 800 level.
But some profit booking is seen at this point in time in the Asian markets. On the MCX, it was up by Rs 360 per 10 gram yesterday but today, it declined by Rs 80 on the MCX February contract.
In case of base metals, Nickel, Copper and led have seen a huge gain yesterday on speculation that US lawmakers will pass plan for automakers. Inventories are still on the higher side. One can expect consolidation in these commodities.
On the MCX, it gained by Rs 4 yesterday and today, it fell a percent on the MCX February contract.
