CNBC Awaz's, Commodity Editor, Manisha Gupta : The opening today though has been quiet, not too much of a movement there and quite a mixed opening is how we have seen as the Indian markets opened here.

But the last week was of strong gains and crude prices touched a record high on every single day. We have seen an all time high of USD 126.27/bbl in case of crude prices nearly a dollar down at this point in time. But fund buying has been quite on the higher side and this is just a profit taking that crude is doing after record highs. On MCX, Rs 510/bbl kind of a gain we saw last week. Markets have opened slightly on the lower side. Rs 20 on the lower side is how it has opened on MCX May contract.

Gold and silver also saw good gains on the last week, gold has been trading between USD 860/oz on the lower side and USD 890/oz on the higher side. Some profit taking is happening in the Asian markets at this point in time. Silver also nearly half a percent on the lower side. It is the weakness in US dollar and strength in crude prices, which has actually been supporting gold prices. Otherwise there is not too much of investment demand that we have seen in gold in the recent days. On MCX, Rs 500 of a gain in the last week and prices have opened slightly on the higher side. It opened Rs 5 on the higher side, have seen some profit taking setting in at this point in time.

Base metal prices also saw some declines, there is not too much of buying happening here. Inventories on almost all of those metals has gone up and the Chile strike end also has led to some pressure in case of copper prices, touched a low of 8125 also on the lower side. It is only Tin that has been making record highs in the recent days otherwise we have seen all of these base metals actually declined by 2%-3% in the last week. Some buying is happening in the Shanghai and the LME markets at this point in time but quite sideways in those markets. On MCX, Rs 9 of a loss in case of copper in the last week but prices have opened nearly half a rupee on the lower side. Some selling we can see at this point in time on MCX June contract.