Friday 16 August 2013

Commodity Market Update (Copper)


Bullion prices started the day on a positive note with Gold and Silver extending its last session’s gains on COMEX but later on we see prices coming down, erasing its early gains to trade almost flat as we write this. The actively traded Gold contract is trading flat at 1361.0 after having tested a high of 1372.40 whereas Silver tested a high of 23.16 before settling at 22.83, down 11 cents or 0.46% an ounce. On LME, base metals are trading higher since morning with Copper trading at 7390, up half a percent or 36.25 points and Zinc was top gaining metals among them, jumped 1.23% or 24.25 points to trade at 1989.25 per metric ton. On NYMEX, WTI Crude Oil is trading in red at 107.03, down 0.12 cents after having a small range of trading session and Natural Gas is losing 0.44% or 2 cents to trade at 3.40 per mmBtu.

On domestic bourses, commodities are trading higher, leading by a weaker rupee against the dollar which depreciated to its all time low of 62.00 before settling at 61.81. On data front, traders are waiting for US Building Permits and Housing Starts which are set to be released at 6.00PM.a

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