Wednesday 8 October 2014

Commodity Market Update (Crude Oil)

Gold prices rebound from 9 months low on the back of increase demand from this yellow metal while investors are still cautious ahead of FOMC Meeting minutes while Silver also rebound from its 4 years low as it followed Gold. Actively traded Gold contract is gaining around half a percent or 5.70 points to trade at 1218.20 and Silver is trading at 17.365, up 0.73% or 13 cents an ounce. With the exception of Zinc, Base metals are trading lower since morning due to weaker economic data from China. Nickel is losing around a percent or 152 points to trade at 16835.00 and Copper tested a low of 6670.00 before settling at 6688.25, down 16.50 points or 0.25%, followed by rest of the metals. WTI Crude Oil prices extended its decline to 17 months low ahead of EIA’s stockpiles report, expected built in inventory by 2.1 Mbd. Light Sweet Crude Oil futures tumbled around 1.20% or 1.10 points to trade at 87.77 after having tested a low of 87.39 and Natural Gas is losing 1.19% or 5 cents to trade at 3.91 per mmbtu.

Photo: Commodity Market Update (Crude Oil):
Gold prices rebound from 9 months low on the back of increase demand from this yellow metal while investors are still cautious ahead of FOMC Meeting minutes while Silver also rebound from its 4 years low as it followed Gold. Actively traded Gold contract is gaining around half a percent or 5.70 points to trade at 1218.20 and Silver is trading at 17.365, up 0.73% or 13 cents an ounce. With the exception of Zinc, Base metals are trading lower since morning due to weaker economic data from China. Nickel is losing around a percent or 152 points to trade at 16835.00 and Copper tested a low of 6670.00 before settling at 6688.25, down 16.50 points or 0.25%, followed by rest of the metals. WTI Crude Oil prices extended its decline to 17 months low ahead of EIA’s stockpiles report, expected built in inventory by 2.1 Mbd. Light Sweet Crude Oil futures tumbled around 1.20% or 1.10 points to trade at 87.77 after having tested a low of 87.39 and Natural Gas is losing 1.19% or 5 cents to trade at 3.91 per mmbtu.

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