Friday, 5 July 2013

Commodity Market Update (Copper)

Bullion prices are trading lower today, with the most actively traded Gold on CMX are at $1233.00, down by 1.45% and Silver is at $19.06, down by cents at the time of writing this. We expect prices to remain lower as the overall outlook remains bearish over the counter. For Gold support stands near the current level and a break below this will take prices lower to test next support around $1900.00 mark. For Silver support is around $18.80 mark. Base metals prices on LME are trading down today with Copper rolling contract is at $6825, lower by 1.44%, worst performer of the day, followed by all other metals which are similarly lower. Nickel is trading at $13610.00, -200 points at the time of writing this. Short term outlook is negative for the industrial metals. NYM Crude Oil and Natural Gas prices are also trading in red since morning, Crude Oil is lower by just 10 cents at $101.15 and Natural Gas is down by a percent at $3.65.
Market participants will be watching for Non-Farm Employment Change and Unemployment rate data to be released at 6.00 PM

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