MUMBAI: A couple of headline data coming out from as well as US continue to overhang commodity markets this morning. Inflation numbers, investment data and trade balance would determine future course of action for commodities.

Apparently, the leading commodity counters were struck in the narrow range during Asian morning session.

US crude oil futures fell below $82 a barrel this morning after hitting an eight-week high above $83 a day earlier on government data showing an unexpected decline in US gasoline inventories.

NYMEX crude for April delivery was down 58 cents at $81.51 a barrel, after settling up 60 cents at $82.09 a day earlier. On Wednesday, it rose as high as $83.03, the highest since $83.95 on Jan. 11.

Wednesday's gains came after the US Energy Information Administration data showed a surprise drop of 2.9 million barrels last week.

US commercial crude oil stockpiles rose 1.4 million barrels, below the 1.9 million barrels rise that analysts had been expecting.

Distillate stocks, which include heating oil and diesel, fell by 2.2 million barrels, far more than the 900,000 barrel draw predicted by the market.

The Organization of the Petroleum Exporting Countries (OPEC) said it now thought the world would need 28.94 million barrels per day of its crude this year -- an increase of 190,000 bpd from its previous assessment.

It said total world demand was likely to rise by 880,000 bpd in 2010, up from a previous estimate of 810,000 bpd.

Gold regained some strength this morning after falling to its weakest in nearly two weeks the previous day, but sentiment looked weak as prices stayed below their 50 and 100-day moving averages.

Spot gold was at $1,108.05 an ounce, steady from New York’s notional close on Wednesday, when it fell to as low as $1,102.85 an ounce, its lowest level since February 25.

US gold futures for April delivery was also steady at $1,108.80 an ounce, having settled 1.3% lower on Wednesday on heavy liquidation and as safe-haven buying on Greek sovereign debt worries subsided.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,115.51 tonnes as of March 10, down 0.61 tonnes from the previous business day.

Base metal counters are trading little changed this morning for lack of fresh cues. Shanghai copper was seen trading in narrow range, after London futures fell almost 1% in the previous session, shrugging off a surprise rise in Chinese imports to focus on global macro economic worries.

Three-month copper on the London Metal Exchange (LME) fell $70 to close at $7,440 a tonne on Wednesday. In late trade the market ticked down further to $7,437. LME copper last stood at $7,395 a tonne.

Investors will look to a fresh raft of Chinese macro inflation and investment data after
Tuesday's trade numbers showed strong Chinese imports of the industrial metal boosted confidence in the demand outlook from the world's top consumer.

Domestic commodity counters maintained steady trend so far following the global cues. Also, the rupee covering some lost ground against US dollar, applied check on commodity counters movement.

MCX crude oil futures for March settlement gyrated between Rs 3,717 and Rs 3,707 before retracing to current level of Rs 3,712 per barrel.

MCX Gold for April settlement last quoted at Rs 16,493 per 10 grams after moving between Rs 16,512 and Rs 16,478 per 10 gram.

MCX Silver March settlement contract slipped to Rs 26,415 per kg, after having touched a high of Rs 26,491.

Base metal counters too moved in a narrow range. MCX copper for April settlement was last quoting 0.3% lower at Rs 336.90 per kg, after opening the session at Rs 337.30.

MCX zinc March contract lost 0.8% to quote at Rs 105.55 per kg.