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.

Also Read: Gold, silver price at 2-month high; safe haven buying on inflation

In the ferrous metals, iron ore prices have continued to run up, steel is trading at a 3-month high. There are improved steel margins as well. So everything in metal prices, ferrous and nonferrous has yet again surged up in the Chinese markets.

Also Read: Bitcoin or crude oil; what will outperform in the next decade?

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

First Published:Jan 21, 2022 8:50 AM IST