Crude rises over 2% towards USD 75/bbl

Crude prices rose more than 2% towards USD 75 a barrel after a stronger US manufacturing data. NYMEX crude is currently trading at USD 74.91 a barrel.

After falling to the lowest price in 10 weeks yesterday, copper has rebounded and gained more than a percent. In other metals zinc gained, but some others like nickel and tin saw deep cuts.

In currency markets, the dollar shed weight against the euro after a stronger-than-expected euro zone purchasing managers index report pushed the euro higher, snapping four straight days of declines. The dollar index is currently trading above the 79 mark.

By Manisha Gupta, Commodities Editor at CNBC-TV18

Currency curve

Dollar Index was up 3.4% in January.

Commodity complex

The Reuters CRB Index was up 1% on Monday, which declined 6.3% in January.

Gold

Gold gained most in 4 weeks. It rose 2% to settle at USD 1105/ounce.

Crude

Nymex crude March contract gained most in 4 weeks. ISM factory index rose to 58.4, gains fastest since August 2004 ((in line with manufacturing data from India, China, South Korea and Australia)).  EU manufacturing for January was higher-than-expected.

Crude gained 2.1% to settle at USD 74.43/bbl.

Base metals

Base metals gained on positive data.

Soybean

Soybean declined 0.5% to $9.09/bushel on CBOT on Monday while fell 13% in January, forecasts for record South American crops.

Cotton

Cotton was down 1.2 % to 68.22 cents/pound on ICE Futures, lowest level for a most-active contract since November 10.