Thursday, 18 July 2013

Commodity Market Update (Natural Gas)

Precious metals are trading flat in a tight range, the most actively traded Gold contract is trading at $1281.50, up by 0.13% while Silver is at $19.37, down by 0.26% at the time of writing this. We expect prices to remain lower in coming session but traders should be cautious ahead of US Jobless claims and Bernanke testimony scheduled at 6.00 PM and 7.30 PMrespectively. With the exception of LME Nickel all other metals are trading in red today; three-month Lead is trading down by 0.57%, followed by Copper which is lower by 0.17% at $6887.00. Short term outlook on base metals is still negative and prices may witness further decline in coming sessions. On Crude Oil and Natural Gas prices are trading down today; the active Crude Oil contract on NYMEX is at $106.06, down by 30 cents and Natural Gas is at $3.62, down by 0.11% at the time of writing this.
Data to watch: US Unemployment Claims; Philly Fed Manufacturing Index, Fed Chairman Bernanke Testifies.

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