Commodity Opening Bell 

Bullion - Opens on negative Note Gold -29090-29105 Silver -38940-38925 

Energy - Opens on negative Note Crude Oil -3073-3070 Natural Gas -189-188.70 

Base Metals - Opens on negative Note Copper -421-420.80 Nickel -723-725 Lead -153.60-153.70 Zinc - 199.50-199.70 Aluminium -131.70-132

COMMODITY MARKET NEWS 

Copper retreated from a three-year high on Tuesday, and other base metals also fell or trimmed gains, as speculators and funds locked in some profits after a steep rally. Earlier in the session, metals were on the rise against a backdrop of strong results for mining firms and talk of shortages in some metals, but analysts said there was nothing new to justify the rich prices. Nickel and zinc, both mainly used in steel production, had benefited as Asian ferrous prices extended gains, with Chinese iron ore futures surging nearly 5 percent to five-month highs.

We expect base metal prices likely to trade positive on the back of expectation of strong demand from China. 

Oil inched up on Tuesday, lifted by expectations of another crude stockpile drawdown in the United States but price gains were limited amid the reopening of Libya's largest oil field. Prices, however, pared gains in post settlement trade and Brent crude turned negative as the market was disappointed by industry data from the American Petroleum Institute showing a crude stockpile decline largely in line with expectations and a surprise build in gasoline inventories.  

Gold prices fell on Tuesday, pressured by the stronger U.S. dollar ahead of an annual meeting of central bankers this week, while palladium fell from its highest level since February 2001.

We expect silver prices to trade sideways on the back of profit booking after sharp up move