Tuesday, 23 July 2013

Commodity Market Update (Silver)

Bullion prices are trading lower today with the most actively traded Gold contract on CMX is trading at 1327, down almost 10 points or 0.67% and Silver is trading around 20.18, lower by 1.60%. Prices are likely to remain in a range with a negative bias for the day. On data front, there are no major releases today that can set near term direction in Gold and Silver. Base metals across the LME are trading lower since morning; LME three-month Aluminum is the exception to trade nominally higher at 1849, adding 7 points or 0.38% while Nickel is the worst performer to ease 0.55% at 14047, followed by Copper which is trading at 6983, down 0.47%. Energy prices are trading mixed with Crude Oil at 106.18, lower by 0.71% and Natural Gas is up by 0.60% at $3.69. Intraday view on Crude Oil and Natural Gas remains range bound and we can see sideways trading for the day.

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