Wednesday, 27 February 2013

Commodity Market Update(Crude Oil)

On COMEX, precious metals are trading lower since morning after the last session’s steep gain due to dovish comment from US Federal Reserve chairman Ben Bernanke, continued to support QE measures. The actively traded Gold contract is trading in red at $1608.90, down by $6.50 or 0.40% while front month Silver futures fell 0.39% to trade at $29.205 an ounce. NYMEX Oil prices are trading higher at $92.92, up by 0.32% while Natural Gas is trading silent at $3.45 with a negative bias. Oil traders are waiting for EIA’s Crude Oil Inventory report, is set to release tonight at 9.00PM with a market forecast of 2.4 million barrels. Base metals are trading slightly higher on the LME except Zinc, is losing 0.29% to trade at $2092.25 while Copper is trading in green at $7871.75 per metric ton.

Data to watch:
US Core Durable Goods Orders
US Fed Chairman Ben Bernanke Testifies
US Crude Oil Inventories
ECB President Draghi Speaks

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