Thursday, 30 August 2012

Commodity Market Update (Crude oil)

Precious metals are trading in a small range today. The most actively traded contract on Chicago Mercantile Exchange with Gold and Silver are trading in red since morning. Prices are trading lower on euro zone debt crisis which is back in concern. US Crude Oil future is likely to remain mixed on NYMEX until the release of US Crude Oil Inventories which will possibly trigger some movement in the oil prices. Natural Gas may remain lower to test its near term support of $2.50 on NYMEX. Base Metals are likely to remain lower except Nickel and may got some momentum after the release of US economic data.

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