Monday, 22 June 2015

Commodity Market Update (Copper)

Precious metals on Comex slipped lower from the peak of yesterday as dollar index recovered mildly after Federal Reserve’s recent policy statement. Gold future prices are trading at $1199 per troy ounce, down by three dollars while Silver future prices are trading at $16.09 per troy ounce, fell by seven cents. On Nymex, WTI Crude Oil prices dropped almost one-and-half percent as investors looked ahead of US rig count data later in the session. Crude Oil is trading at $59.62 per barrel while Natural Gas is selling at $2.78 per mmBtu with flat note after yesterday’s neutral storage data. On LME, all the base metals are trading in the red. Copper continues it’s losing streak to trade at $5671 per tonne, lower by 76 points while Nickel is currently quoting at $12670 per tonne, down by 45 dollars. Lead and Zinc are trading at $1793 and $2053 per tonne, lower by 14 and 15 dollars respectively.

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