Crude has resistance at USD 108-110 per barrel

CNBC-Awaaz’s commodities editor, Manisha Gupta: Crude prices have been gain through out this week and it top USD 108 per barrel in the markets yesterday. But there has been some profit taking, most of those gains are capped because the real demand has been going on the lower side. Total implied fuel demand in US markets has gone down by 3% YoY basis and that is bothering that market there. But the near-term fundamentals continued to be on the higher side because we have seen inventories also gone down in the recent weeks. USD 104 per barrel is an immediate support, on the higher side, USD 108-110 is a resistance to watch out for.

On MCX there was a gain of Rs 81 yesterday but Rs 40 of a decline is how MCX April contract is seen today.

Gold prices are not going anywhere; very range bound trend. We have seen USD 910-960 oz on the higher side, slight profit taking in crude prices and a little rebound in US dollar is bothering the market there. Not too much of a physical buying also happing there and that is also putting pressure on the prices. Selling on rallies is the immediate strategy for that commodity.

On MCX, a rupee of a loss yesterday but Rs 95 on the lower side is how it’s opened on MCX April contract today.

Good going with the base metals in the markets yesterday and we have seen good buying happening in Shanghai markets also and very slight profit taking is happening at this point in time. We have seen copper gained up by 4% yesterday, aluminium was 3%, lead and nickel gained by more than 5% in the markets yesterday, sideways trading is happening right now, not too much of an important data in the evening today but next week there is manufacturing and also home sales and employment figures coming and that is where the market taking direction from. On MCX, rupee of a decline yesterday and a rupee on the higher side is how it’s opened, profit taking happening there as well on MCX April contract.