Wednesday, 17 July 2013

Commodity Market Update (Crude Oil)

Precious metals are trading lower since morning on the back of upcoming Fed Chairman Bernanke testifies. The most actively traded Gold contract is trading at $1285.70, lower by half a percent or $6.30 and Silver prices are trading down by almost a percent at $19.75 at the time of writing this. Prices are likely to remain volatile and traders are suggested to be cautious ahead of the Bernanke's testimony at 7.30 PM. With the exception of LME Nickel all other base metals across the LME are trading lower today. Copper is the worst performing metal, down by 65 points or almost a percent to trade at $6340.00 while Nickel is at $13775.00, up by 0.09%. On NYMEX, Crude Oil and Natural Gas prices are trading lower at $105.50 and $3.60, down by 0.45% each at the time of writing this. The Evening releases From US will set short term direction in metals and energy sectors.
Data to Watch:
US Building Permits
US Housing Starts
Fed Chairman Bernanke testifies

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