Commodity Market Update (Natural Gas)

Precious Metals are trading higher on COMEX today, Gold is gaining 6.0 to trade at 1771.10 an ounce currently while Silver is higher by 13 cents to trade at 34.25 an ounce. On MCX, gold prices are lower due to the rupee which has appreciated by 33 paise or 0.62% and is trading at 52.71; gold for December delivery is trading lower by 100 points at 31355.0 and silver is down 116 points to trade at 62060.0 presently. Prices are trading with a slight positive bias and may move higher later into the evening. Base Metals traded on LME are also higher today with Copper trading at 8218.25, up 58.25 or 0.71% followed by Lead at 2212.0, up 14.25 or 0.65%. Three month Nickel is trading at 17728.0, higher by 78.0 or 0.44% since morning. We are bullish on metals but the stronger rupee may cap upsides in prices during the evening. Crude Oil is trading higher on NYMEX at 91.90 per barrel, up 65 cents or 0.71% whereas on MCX, prices are lower by 35 points to trade at 4847.0 due to the rupee. Natural Gas is trading at 3.48 per mmBtu, up 0.17% since morning on NYMEX whereas prices are down almost a percent on MCX at 184.10. The outlook on Crude Oil is slightly positive and we may see prices recover in the evening.

Key Economic Releases: US Jobless Claims, Crude Oil Inventories and Natural Gas Storage.