Thursday, 29 August 2013

Commodity Market Update (Natural Gas)

Precious metals are trading lower on a correction mode with Gold trading at 1407.10 and Silver at 23.90, down by 0.82% and 2% respectively. We expect prices to trade lower for the day, which generate buying opportunity in the precious metals. Support for Gold stands at 1400.0 while that for Silver is near 23.50 level. Base metals on LME are trading in red with Copper performing the worst to decline 0.20% at 7246.75 while Zinc is the top loser to ease 0.80% at 1940.75. Intraday view on base metals stands negative. Crude Oil and Natural Gas on NYM are at 109.13 and 3.58 respectively. Crude oil is trading down by a dollar or 0.89% while Natural Gas is nominally positive by 0.08% at the time of writing this.
Data to watch: Jobless Claims, US Prelim GDP Q/Q, Natural Gas Storage.

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