Commodities round-up: Crude oil alleviates from 7-year high

There is some respite in crude oil price. It eased from a 7-year high and still trading at USD 85-86 per bbl kind of levels, but it was almost above USD 89 per bbl yesterday, January 20.

The rise in US gasoline stocks has led to some profit-taking. Also, markets are looking at OPEC production which continues to be 800,000 barrels per day, below the December production targets.

As there is a bit of a pause in the crude oil rally, the metal prices have continued to surge. The China tin has hit record highs, the nickel prices in China also are trading at all-time highs, there are inventory concerns, availability is low and the China easing policies is supporting demand.