In an interview with CNBC-TV18, Mark Matthews, Bank Julius Baer & Co, said that he expects commodity prices to soften a bit. He mentioned that commodity movement is contingent on the Russia-Ukraine conflict and accordingly, in the short-term, the prices could go anywhere. He also said that he doesn’t see the Indian economy getting as impacted by crude oil as it would have 10-15 years ago. He believes crude oil price will eventually soften despite the geopolitical tensions.

Motilal Oswal has come out with a note on the cement sector, saying that the energy sensitivity of the sector is going to be coming to the fore as petcoke and coal prices have gone up. According to Motilal Oswal the cement companies would have to increase prices by Rs 3 per bag to offset the rising input costs.

Commodity prices have surged amidst the Russia-Ukraine tensions. Crude oil has been making higher highs and higher lows and is trading around USD 118 per barrel. Vikas Halan, Associate Managing Director of Corporate Finance Group at Moody's Investors Services in an interview to CNBC-TV18 said that crude prices could move even higher from current levels.

Brent crude futures touched almost $120 per barrel on Thursday -- the highest intraday level seen in nearly a decade. The benchmark oil contract had entered three digits last week following Russia's move to invade Ukraine.