Here is a verbatim transcript of Commodities Editor, Manisha Gupta’s comments on CNBC-TV18. Also watch the accompanying video.
Crude prices have come back from USD 54.67/bbl of a low in the New York markets yesterday to above USD 58/bbl at this point in time. It is the Organization of the Petroleum Exporting Countries (OPEC) statement coming into on November 29; they might see another output cut coming and that is what is supporting. The US dollar weakness is also supporting the crude prices.
On the MCX, it was a loss of Rs 47 yesterday but today, it opened higher by Rs 93 on MCX December contract.
The same is with gold because we saw huge losses coming into that one as well. Gold has been moving between USD 20-30 on daily basis. We saw USD 698/oz of a level in case of gold yesterday but has gained nearly USD 30 since then. In the Asian markets, though it is a percentage point lower at this point in time, so not too much to be seen in that rally there.
On MCX, it was Rs 114 of a loss yesterday but today, it opened higher by Rs 160 on the MCX December contract.
It is a good day for base metals as well with nearly 1 to 7% of gains across the board during opening trade. Shanghai has also opened on the limit side up in case of copper. We have seen good bargain buying happening here because the equity market have rebounded and there is strength in crude and that is what is supporting the prices. But can’t read too much into it, we already are looking at some profit taking happening in case of copper, lead and nickel as well.
On MCX, it was quite unchanged yesterday but today, it opened higher by Rs 4 on the MCX December contract.
