Wednesday, 18 February 2015

Commodity Market Update(Crude Oil)

Precious metals on CMX are trading near its six weeks low on Wednesday as equities recovered on hopes Greece would patch together a deal with its creditors, while the absence of major buyer China also dragged on the metal. Actively traded Gold contract is trading in red at 1205.80, down 2.80 points or 0.23% an ounce while Silver tested a high of 16.52 before settling in green at 16.39 an ounce. Base metals on LME are extending their declines since morning with Copper trading at 5673.00, down 13 points after having tested a low of 5650.00 while Zinc is losing 1.37% or 29 points to trade at 2086.00 and leading the industrial metals group. WTI Crude Oil is down around 1.5% or 80 cents to trade at 52.74 and Natural Gas is trading almost flat at 2.749, with negative bias. Oil prices declined as investors locked their profits after its recent rally.

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