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Power Play: Betting on commodities rebound

Michael Pohuski | Getty Images

Oil rallying on Tuesday with WTI climbing above $53 a barrel.

John Vail, chief global strategist at Nikko Asset Management tells CNBC's "Power Lunch" oil prices are stabilizing and this is good news for other commodities.

Read More Why an oil inventory fall won't boost prices much: Goldman

"Don't expect oil to fall much further. Non-oil commodity prices will rise soon," Vail said.

He sees a rise in global growth with China's economy coming back. Vail believes the consumption of metals and grains should improve this year.

Copper moved higher, while wheat and soybeans were lower during trading on Tuesday.