Wednesday, 3 April 2013

Commodity Market Update (Crude Oil)

Precious Metals are trading in red today; Gold is down 6.0 at 1570.0 and Silver is at 27.10, down 13 cents on COMEX. Key support levels for Gold come into play at 1560.0 and we expect prices to recover later in the evening, gold made a low of 1563.10 earlier in the asian session. Silver prices are also likely to move into positive territory following Gold though key support comes in at 26.10. On MCX, Gold is down 118.0 at 29487.0 and Silver at 51120.0, down 353 points. Base Metals traded on LME are down over half a percent with the only exception being Zinc. Three month Copper is down 48.25, -0.64% at 7435.0 and Nickel is down 200.0 or 1.22% at 16180.0 since morning. Prices are likely weak through the evening session. Crude Oil continues to remain in a tight range of 96.0-97.50 with prices currently trading at 96.70, down 50 cents since last close. Natural Gas is trading almost unchanged since last close. The rupee is trading weak at 54.43, down 17 paisa or 0.32% against the dollar.

Key Economic Releases: ADP Employment Change (Mar), ISM Non Manufacturing PMI (Mar), Crude Oil Inventories Change

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