The rubber price is trading at a two month high. The improved China demand outlook and the rising COVID-19 cases may lead to labour shortages at producing countries and that seems to be worrying the rubber supplies and prices going up because of that.

Also, there is no respite on crude oil prices. The geopolitical tensions also seem to be supported because the US has released pictures of Russia preparing to attack Ukraine if diplomacy fails, also, the Yemen Houthi fighters have claimed drone strikes in UAE. So these are the facts that are leading to some sentiment gain in the case of crude oil prices.

In any case, the prices of diesel, jet fuel have been on a rise. China also agreed to release strategic reserves and the markets will watch out for that.

Also Read: Remain bullish on crude, copper, base metals: XM Australia's Peter McGuire

However, until now for the year 2022, the crude oil price is up by nearly 13.5 percent and gains have been seen on every single day in this year for crude.

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