Saturday, 18 August 2012

Commodity Market Update (Copper)

Precious Metals are trading in range and is unchanged from last closing. Gold is trading at 1619.20 and Silver at 28.17, Gold finds good resistance at 1622.0 above which prices may rally to 1632-1635 during intraday – failure to break above will see prices post another decline today. Base Metals on LME are trading mixed since morning today with Copper trading at 7496.25, up 30.25 or 0.41% while Nickel is trading at 15544.0 since morning, prices are trading with a positive bias and we expect prices to remain higher later into the evening. Crude Oil is trading at 95.07, down 53 cents above key resistance at 94.50 while Natural Gas is at 2.73. We are positive on Crude Oil and see prices moving higher to test 98-100 in the near future.

Economic Releases to Watch : Preliminary UoM Consumer Sentiment

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