Wednesday, 19 September 2012

Commodity Market Update (Silver)

Precious Metals are trading lower after falling early in the session and have been trading range bound since then. Gold traded on CMX is lower by 12.0 at 1758.70 and Silver is trading at 34.14, down 22 cents. We are slightly negative on bullions and expect prices to test 1750.0 support today. Strong support for Silver comes into play at 33.50-34.0. Base Metals on LME are also lower with Nickel losing the most at 17830.0, down 269.0 or 1.50%. Copper is trading lower by 0.76% or 63.0 at 8227.0 per ton, base metals are trading with a negative bias in the evening. Support for Copper comes in at 445.0 today. Energy prices are having a quiet morning today trading slightly lower at 96.30, down 33 cents since last close. The sharp sell off and recovery in oil prices last evening has bought in an enquiry from the CFTC and the investigation in going on. Natural Gas is trading higher by 0.70% at 2.8850 per mmBtu.

No Major Economic Releases Today.

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