Friday, 30 August 2013

Commodity Market Update (Copper)

Precious metals on CMX are trading lower with the most actively traded Gold contract on CMX eased 20 points or 1.37% at 1393.0, breaking the key support of 1400.0 level. Silver is also trading down around 2% at 23.65 with support remains intact at 23.45 an ounce. We expect prices to continue its downside for the day. On base metals prices are trading in red with LME Copper is at 7131.0, down by 0.43% and Nickel is at 13871.0, -1.66% or 250 points. Base metals prices are likely to trade with a negative bias in Coming hours. Crude Oil and Natural Gas prices on NYMEX are trading at 108.0 and 3.63 with Crude Oil lower by 80 cents while Natural Gas prices are up by a cent. Near term outlook for Crude Oil remain bearish while Natural Gas prices are likely to trade with a positive bias.

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