India's arrangement with Iran to use Indian Rupee as a trade currency is now on hold due to a tax issue. Earlier, Iran had agreed to accept Rupees as payments for 45% of its oil exports to India.

MCX natural gas continues its high volatile price swings with the February contract down over 2% in afternoon trade on Monday. The contract opened lower at Rs 123.10 and is trading at Rs 120.90 as of 12:18 PM IST.

At the Multi Commodity Exchange of India (MCX), precious metals and energies posted solid gains for the week Feb 06- Feb 10, 2012. Base metals weakened except for copper which rose over 1%. In India, Commodity Transaction Tax once again sparked debate as the FICCI and ASSOCHAM opposed the government's proposed move. Indian IIP numbers came out much weaker than expected, dampening investor confidence.