Commodity Market Update (Crude Oil)

On Comex, precious metals are trading with positive note. Gold future prices edged higher for third consecutive day due to weaker dollar against other major currencies. Gold is trading at $1185 per oz, higher by almost eight dollars while Silver future prices are trading at $16.09 per oz, up by 13 cents. On Nymex, WTI Crude Oil prices continued its rising spree as market participants expect large supply drop in the US stockpiles later in the session. Crude Oil is selling at $61.40 per bbl, higher by more than two percent. Natural Gas prices are trading at $2.87 per mmBtu, up by two cents after yesterday’s robust gain. On LME, all the base metals are trading in the green ahead of key Chinese data later in the week. Copper prices rebounded from two months low to trade at $6066 per tonne, higher by 99 points while Nickel is currently quoting $13650 per tonne, up by more than two percent. Lead and Zinc are trading at $1964 and $2188 per tonne, higher by 35 and 25 points respectively.