CNBC-Awaz's, Commodity Editor, Manisha Gupata : We have seen good gains happen across the board in all of those commodities. There has been buying on all those dips that one saw in the market yesterday. Crude prices saw wide range yesterday; USD 120.75 cents on lower side and USD 126.75 on the higher side. So it was nearly USD 5 of a range that the market saw yesterday. The heat in oil inventories have gained strongly that was putting pressure on the prices.

Apart from that the options on June futures expiry yesterday and markets were quite choppy because of that as well. But the support continues, USD 121 on the lower side has held on the closing basis and we have seen good gains happens since then USD 125, its back on that and markets are expecting dips on all of those rallies in case of crude prices. On MCX Rs 86 of a loss yesterday but Rs 90 on the higher side is how the MCX June contract is open today.

Gold and silver prices saw some gains, crude is on the higher side, we saw US dollar also slip a bit and that is supporting the prices also there is some change in the market sentiment thinking that gold at this point in time is a cheaper alternative in case of investment as compared to crude and that’s another thing that is also supporting the prices. USD 892 on the higher side is still a resistance and till the market clear that one might see sell on rallies still coming into place here. On MCX Rs 228 per 10g of a gain yesterday and it’s opened Rs 20 on the higher on the June futures.

Base metal prices also saw good gains yesterday; the decline in US dollar has done well to that complex as well. Copper has come back from USD 8,055 to USD 8,265 at this point in time, there has been good gains in case of aluminium trading at three months highs and also tin that has continued to make record highs, copper though is the leader in the pack because most of these metals tend to follow that one. On MCX there was a gain of Rs 6 per kg yesterday and today the markets have open a rupee on the higher side on the June contract.