Saturday 24 November 2012

Commodity Market Update (Copper)


Precious metals are trading slightly positive on COMEX; active Gold is trading higher by 6 points at 1734 and Silver up by 10 cents at 33.45. Prices are likely to trade range bound with positive bias. Gold may face resistance around 1740 above which prices may test 1765 in near term. Base metals are trading mixed, Copper is the only metal to trade down while all other metals are slightly positive. Three month Copper on LME is at 7706.50, down by 0.24%. Metals traders will also be tracking currency market to find some hints intraday trading. On energy complex Crude oil is trading nominally lower at 87.07, down by 0.37% while Natural Gas is unchanged at 3.9030.

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