Wednesday, 29 April 2015

Commodity Market Update (Crude Oil)

Precious metals on CMX are trading lower ahead of the Federal Reserve’s interest rate meeting, FOMC Meeting minutes release and US advance GDP data. Gold and Silver Actively traded Gold contract is losing 0.70% or 8.40 points to trade at 1205.50 whereas Silver declined around a percent or 16 cents to trade at 16.435 an ounce. With the exception of Aluminum, Base metals are losing since morning with Copper trading at 6092.00, down 0.57% or 35 points while Zinc is down the most, eased around a percent or 20 points to trade at 2274.50 after having tested a low of 2271.50, followed by rest of the metals. WTI Crude Oil is down more than half a percent or 35 cents to trade at 56.71 and Natural Gas is trading flat at 2.529 with negative bias. Oil traders are waiting for tonight’s Oil stockpiles report which will release tonight at 8.00pm with analyst forecast of 2.1 Mbd against the previous week of 5.3 Mbd.

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