Wednesday, 3 June 2015

Commodity Market Update (Crude Oil)

On COMEX, precious metals are losing ahead of US manufacturing and labor departments’ data and ECB press conference which could set the directions of this precious metal complex. Actively traded Gold contract is easing 5.30 points or half a percent to trade at 1189.00 an ounce while Silver dropped over a percent or 18 cents to trade at 16.615. Base metals prices on LME are losing since morning due to stronger dollar against the other currencies. LME Nickel is down 0.65% or 85 points to trade at 12920.00 while Copper is trading at 6010.00 after making a low of 5998.00. WTI Crude Oil futures tumbled over 2% or 1.31 points to trade at 59.95 amid growing speculation that OPEC Counties will keep production levels unchanged when they meet on Friday, despite ongoing concerns over ample global supplies. Natural Gas is trading almost flat at 2.695 with negative bias. Traders are waiting for EIA’s Oil stockpiles report which will be released tonight at 8.00PM with analyst forecast of -1.9 MB while API forecasted that Oil inventory builds 1.8 MB.

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