5 commodities trades amid stock climb

After stocks rallied Tuesday, some "Fast Money" traders contended that another asset, gold, could be a winner ahead.

Major U.S. averages climbed more than 1 percent on the day, helped by gains in consumer discretionary and financial names. The price of gold futures, seen as a so-called "safe haven" asset, fell on the day to settle at $1,208.20.

Gold futures have enjoyed a rally this year, with prices climbing more than 13 percent amid struggles for stocks. Gold could have a "couple days of pain," but may eventually tick higher, propelling the Market Vectors Gold Miners ETF, according to trader Guy Adami.

"The move to the upside is still intact," he said.

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Gold bullion bars and coins.

Trader Pete Najarian agreed, saying the selling Tuesday could drive more people to buy the metal.

The price of another key commodity, U.S. crude oil, fell on the day after top producers Russia and Saudi Arabia dashed immediate hopes for an outright supply cut. Crude settled at just above $29 per barrel.

"If anything," traders should sell oil amid uncertainty, argued trader Brian Kelly. He admitted, though, that crude is a "tough short" due to its more than 23 percent slide this year.

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Najarian touted pipeline plays like Kinder Morgan and the JPMorgan Alerian MLP Index despite the price slide. He owns either call options or shares in both names.

Shares of Kinder Morgan, which have fallen more than 60 percent in the last year, could get a boost from a dividend cut and other cost controls, Najarian contended.

Disclosures:

Pete Najarian

Long AAPL, BAC, BKE, BMY, DIS, DISCA, GE, KMI, KO, MRK, PEP, PFE, VIAB, he is long calls AA, AAL, AMJ, BAC, BHP, BX, CHS, DAL, DATA, EBAY, EEM, GDX, HAIN, HBAN, LB, LC, MCD, MSFT, MT, MTG, NRF, SLV, SWN, TWTR, UAL, WEN, WMB, WYNN, YDKN, ZIOP, he is long puts DB, EWH, FCX, MRO, MS, RIG, VLO.

Dan Nathan

Dan is long WMT Feb put spread, long PFE buy-write, long TWTR, long XLP put spread, long XOM Feb put spread, long UUP March calls, long GE May 28 puts, short SPY, long JPM April puts

Brian Kelly

Brian Kelly is long BBRY, Bitcoin, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, Euro, EWH, Hong Kong Dollar, UBS, SPY, Yuan.

Guy Adami

Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.