Thursday, 1 August 2013

Commodity Market Update (Natural Gas)

Bullion prices are trading firm with Gold up 12.1 or 0.92% at 1324.5 and Silver is at 19.74, higher by 11 cents or 0.57%. The bias remains neutral for Gold and Silver as prices are trading mixed in a broad range. Intraday resistance for Gold comes around 1340 while that for Silver is near 19.85 an ounce. Base metals across the LME are also in green, with three-month Copper trading at 6989.0, higher by 1.5% while Lead is the best performer to gain 2.31% to 2116.0 along with all other metals. We expect metals prices to trade positive in coming hours, extending its early move. On NYMEX, Crude oil prices are trading up by 1.15% at 106.24 while Natural Gas is lower by 0.46% at 3.43. Natural Gas traders will be waiting for the weekly storage data which is scheduled at 8.00 PM today.
Data to watch:
Unemployment Claims, ISM Manufacturing PMI, Natural gas storage, ECB Press Conference.

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