Friday, 19 July 2013

Commodity Market Update (Copper)

Bullion prices on CMX are trading in a narrow range with ‪#‎Gold‬ front month contract at $1285.30, up by just a dollar or 0.10% while ‪#‎Silver‬ is trading at $19.31, down by 0.43% at the time of writing this. We expect prices to trade in a range with negative bias for the day. On base metals, with the exception of LME Aluminum all other metals are trading down today.‪#‎Copper‬ and Lead are lower by 0.47% each at $6877.00 and $2034.00 while Aluminum is adding just 0.14% to traded at $1806.00. Crude Oil prices on NYMEX are trading in red since morning; the most actively traded contract is at $107.64, down by 15 cents after a sharp rally in its last session. Any decline in Crude prices can be used as a buying opportunity as the overall outlook remains positive for Crude Oil. Natural Gas prices are also trading lower at $3.79, down by 0.40% at the time of writing this. On data front, there are no major macroeconomic releases from US that can set direction for prices.

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