Friday 7 November 2014

Commodity Market Update (Copper)

Gold and silver tumbled to the lowest level in more than four years as a gauge of the dollar headed for the biggest weekly advance in more than 12 months, curbing demand. Actively traded Gold tested a low of 1130.40 before erasing all of its losses and trading at 1144.50 an ounce while Silver also tested a low of 15.04 before settling in green at 15.44 an ounce. With the exception on Aluminum, Base metals are trading higher since morning with Copper trading at 6672.00, up around half a percent or 30 points after having tested a high of 6682.00, followed by rest of the metals as we write this. WTI Crude Oil prices headed for seventh weekly loss due to supply glut. OPEC is also expected to cut the supply outlook due to US supply. Light Sweet Crude Oil futures is trading flat at 77.95 with positive bias while Natural Gas is trading in red at 4.39, down 0.25% or a cent per mmbtu.

Photo: Commodity Market Update (Copper):
Gold and silver tumbled to the lowest level in more than four years as a gauge of the dollar headed for the biggest weekly advance in more than 12 months, curbing demand. Actively traded Gold tested a low of 1130.40 before erasing all of its losses and trading at 1144.50 an ounce while Silver also tested a low of 15.04 before settling in green at 15.44 an ounce. With the exception on Aluminum, Base metals are trading higher since morning with Copper trading at 6672.00, up around half a percent or 30 points after having tested a high of 6682.00, followed by rest of the metals as we write this. WTI Crude Oil prices headed for seventh weekly loss due to supply glut. OPEC is also expected to cut the supply outlook due to US supply. Light Sweet Crude Oil futures is trading flat at 77.95 with positive bias while Natural Gas is trading in red at 4.39, down 0.25% or a cent per mmbtu.

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