Wednesday, 21 August 2013

Commodity Market Update (Crude Oil)

Precious metals on COMEX are trading lower since morning ahead of FOMC Meeting Minutes as investors speculate that Fed may scale back its economic stimulus. Actively traded Gold contract is trading down by 11.20 points or 0.82% to trade at 1361.30 and Silver eased more than a percent or 24 cents to trade at 22.83 an ounce. On LME, base metals are trading lower with Copper trading at 7278.0, down 44.50 points or 0.61%, followed by rest of metals. WTI Crude Oil is trading in red since morning at 104.62, lower by 49 cents or 0.49% per barrel while Natural Gas is up a cent or 0.35% to trade at 3.456 per mmBtu. Investors are also waiting for the Crude Oil weekly inventory data, scheduled at 8.00 PM today.

On domestic front, metals and energy prices lead by a weaker rupee against the dollar which depreciated to its all time low 64.46 before settling at 64.40.

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