Friday 2 August 2013

Commodity Market Update (COPPER)


Gold on CMX is trading lower as prices break below the crucial support of 1310.0 and moved down to test support around 1280.0 an ounce. For now, the recent low will act as a significant level if prices break this too, we can see further decline, that to test 1250.0 mark in coming session. Silver is also trading lower at 19.27, near the support of 19.20 an ounce. The near term outlook for precious metals are likely to remain bearish following the main trend. On base metals prices recovered strongly today, 3-month Copper trading at 7045.0 and may face resistance near 7050.0 mark while on other hand sustain above 7050 will add further strength to test 7120 key level. Other base metals are also trading positive following Copper. On NYM, Crude Oil and Natural Gas prices are trading in red with Crude Oil down by 0.03% at 107.87 and Natural Gas at 3.379, down 0.24%.
Data to watch: Unemployment rate, non-farm employment changeA


No comments:

Post a Comment