CNBC-TV18's, Commodity Editor, Manisha Gupta : The commodity market has open on the higher side and there were gains in the market yesterday and we are seeing much more gains happening on MCX in the Indian market and that’s mirroring the international market because there has been good buying in those as well in the New York yesterday. We saw an all time high at USD 126.98 yesterday and its come off a bit nearly a dollar since then but as the experts keep saying that "it’s a buy on dips at current levels."

The momentum is on the higher side; the factors, fundamentals all on the positive side. The markets of course would be watching for US inventory data today and if those figures are bullish one will see more record highs been made in the evening today. On MCX it was Rs 61 of a gain in the markets yesterday and Rs 91 on the higher side is now MCX May contract is open today.

Gold and silver are not going anywhere. We saw 1.7% of decline in case of gold yesterday and silver declined by 2.7% in the market. It’s strength in US dollar which is weighing on the commodity; the fundamentals or the technical do not seem strong at this point in time and lot of people would tell you that gold buying see a support at USD 845-830 on the lower side in the days to come. Its sell on rallies in case of gold prices and on MCX we saw a decline of Rs 130 yesterday but there is a bit of buying happening, Rs 4 is on the higher side is how MCX June contract open today.

Base metal prices have been seeing good gains. Since the China earthquake we have seen good gains happen across the board in case of copper, aluminium. Power shortage is across globe is what is supporting the prices there. Lead priced gained by nearly 3% in the market yesterday, nickel gained by nearly 2%, tin has made record highs, zinc gained by nearly 10% in the markets yesterday. It’s majorly to do with supply concerns arising out of China which are helping the prices at this point in time otherwise the strength in US dollar continues to put a bit of pressure on the commodities as well. On MCX it was a rupee of a gain yesterday and rupee on the higher side is how it’s opened on the June contract today.