Long product (TMT Mumbai) prices were down ~2% WoW.Sponge iron prices were down ~3% WoW, while domestic scrap pricesdeclined ~3% WoW.

Higher production, surplus stock and over supply kept sugar market bearish on Monday.

Spot rubber finished weak on Monday. RSS-4 declined to ₹120 (120.50) and ₹119 (120) a kg respectively, according to traders and the Rubber Board.

“Every rupee cut of excise on fuel will result in a loss of ₹13,000 crore to the government.”

The geopolitical turbulence and market volatility putting downward pressure on the stock market is working out just fine for the commodities market, which languished for years under slow economic conditions and a general trading malaise.

Aluminum and alumina market dynamics have turned favorable after recent events,leading to supply vacuum of 2.8mtpa of metal (Rusal and Hydro) and 8mtpa of alumina(from the world’s largest alumina refinery in Brazil owned by Hydro, and alumina refineries of Rusal in Ireland, Ukraine and Jamaica).

The sharp rally in crude began in the middle of 2017 around $44/bbl and has rallied all the way to above $72/bbl.

Oil surged today close to 3.5-year peaks on simmering Mideast tensions and keen US demand, while London stocks rose with drugmaker Shire boosted by a reported takeover move. World oil prices extended yesterday's gains on the back of data showing a drop in US stockpiles -- indicating improved demand -- and expectations that a Russia-OPEC output cap deal will be kept in place.

Nickel futures in Shanghai surged to the highest in almost three years on Thursday, tracking a rally in London prices the session before in what analysts said were misplaced concerns that the metal would also be hit by US sanctions.

Crude oil prices advanced by 1.25 per cent to Rs 4,526 per barrel at the futures trade as speculators increased their positions, tracking a firm trend in global markets.