Friday, 10 January 2014

Commodity Market Update (Copper)

Precious metals are trading marginally higher today with Gold trading up by 0.24% and Silver is higher by 0.31% at 1232.30 and 19.74 respectively. The near term outlook remains range bound and we expect prices to move higher in near term. An important support for Gold comes around 1220.0 and resistance emerges around 1245.0 level. Base metals across the LME are trading in green with Copper gaining 0.24% to 7246.0 and Nickel is the top gainer to edge 1.01% to 13549.0, as we write this. Crude Oil and Natural Gas prices on NYM are at 92.66 and 4.03 with gains of 0.84% and 0.67% respectively. The intraday bias remains negative and we can see sharp decline in prices.
Data to watch: Non Farm Employment Change, Unemployment rate

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