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 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.
