Wednesday, 27 May 2015

Commodity Market Update (Crude Oil)

On Comex, precious metals are trading near two week’s low amid growing prospects that Federal Reserve will raise interest rates sooner or later. Gold future prices are trading at $1184 a troy ounce, down by 2.5 dollars while Silver is trading at $16.65 per troy ounce, lower by 10 cents. On Nymex, WTI Crude Oil prices are trying to rebound after yesterday’s plunge ahead of weekly US stockpiles data. Crude Oil is quoting at $58.25 a barrel, up by 22 cents. Natural Gas actively-traded contract is trading at $2.88 per mmBtu, higher by three cents with slightly positive bias. On LME, all the base metals are trading in red after yesterday’s industry data. Copper prices are currently quoting at $6090 per tonne, fell by 27 dollar while Nickel is trading at $12670 per tonne, down by 45 points. Lead and Zinc prices are also moving in tandem to trade at $1933 and $2167 per tonne, down 16 dollars and 19 dollars respectively.

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