Commodity Market Update (Crude Oil):

Precious metals were trading higher since morning but later on it erased all the gains and trading in red as we write this. Actively traded Gold contract tested a high of 1188.80 before trading in red at 1181.60, down 1.50 points while Silver is down 3 cents to trade at 16.57 after having tested a high of 16.725 an ounce. Base metals are trading higher on LME except Aluminum which is trading in red at 1783.00. LME Nickel is gaining most of the ground, surged over 1.5% or 190 points to 12540.00 while Copper is up 38.50 points or 0.64% to trade at 6058.00, followed by rest of the metals which are up around half a percent each. Crude Oil futures continue its declines on the hopes that a deal between Iran and Western Powers would be reached soon. Oil prices also weighed down by a Reuters survey which shows that OPEC output rose to a 5 month high in March. Oil traders also waiting for tonight’s stockpiles report. Actively traded Crude Oil contract tested a low of 47.05 before trading at 47.28, down 32 cents or 0.67% per barrel while Natural Gas is up around a percent or 3 cents to trade at 2.663 per mmbtu.