Commodity Market Update (Crude Oil)

Precious Metals are trading mixed ahead of FOMC statement overnight today with Gold higher by $1.9 at $1616 and Silver down $0.08 at $27.82 since morning. Prices are expected to remain very volatile ahead

 of the meeting and may trade with a negative bias. Base Metals are trading silent today with Copper on LME down $16.0 at $7523.0, we maintain a neutral view on metals for the rest of the day. Energy prices are mixed with Oil higher by 10 cents at $88.15 per barrel while Natural Gas is lower by 0.62% at $3.18 per mmBtu. We expect oil prices to trade with a neutral to negative bias for the rest of the day tracking the storage report and FED meeting. The rupee has appreciated by 12 paise and is trading at 55.525 at the time of writing this.

Key Data to watch : ADP Non Farm Employment, ISM Manufacturing PMI and Prices, Construction Spending, Crude Oil Inventories, Total Vehicle Sales, FED Statement and Funds Rate (11.45 pm).