On CMX, precious metals are trading higher since morning ahead of tonight’s FOMC meeting minutes and a speculation that Federal Reserve will continue its QE3. The actively traded Gold contract is gaining $6.3 or 0.48% to trade at $1330.90 and Silver is adding a percent or 20 cents to trade at $19.875 an ounce. On LME, base metals are trading higher since morning with Copper trading at $6803.75, up 76 points or 1.13%, followed by rest of the metals. NYMEX Crude Oil is trading slightly higher at $103.20 with a marginal gain of 12 cents while Natural Gas is trading almost flat at $3.442, up a cent per mmBtu. Oil traders are eagerly waiting for EIA’s Crude Oil Inventories report, scheduled to be released tonight 8.00PM with a market forecast of -2.1 million barrels against the previous of -2.8 million barrels.
On domestic bourses, commodities are trading much higher than the international counterparts due to a weaker rupee against the dollar which depreciated sharply to trade at Rs 60.985.
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