Commodity Market Update ON ENERGY,PRECIOUS & BASE METAL

Commodity Market Update

1. ENERGY SEGMENT- 

CRUDE OIL PRICES HAS SHOWN RECOVERY IN PRICES YESTERDAY AS BARGAIN HUNTERS BOOKED PROFIT AT HIGHER LEVELS BUT IT SLUPS ON FRIDAY ON EARLY TRADING SESSIONS AND TRADING .32% DOWN DUE TO WEAK ECONOMIC REPORT FRON U.S., REINFORCING CONCERNS OF SLUGGISH DEMAND.

2. PRECIOUS SEGMENT- 

GOLD DEC CONTACT SLUMPED FROM HIGHER LEVEL ON tHURSDAY DUE TO CONCERNS OF FOMC INDICATIONS OF INTEREST RATE CUT IN ITS DEC MEETING. THIS CREATES WORRIES FOR PRECIOUS SEGMENT AND PRICES SLUMPED NEAR TO 435 POINTS IN GOLD & 1344 POINTS IN SILVER. 

3. BASE METAL SEGMENT-

BASE METAL SEGMENT ARE TRADING IN RANGE-BOUND TO BEARISH TREND UNDER THE IMPACT OF CHINESE ECONOMIC CONDITIONS. IT HAS GOT WORSEN BY U.S. PENDING HOME SALES DATA WHICH CAME LESS THAN EXPECTED. TODAY, SEGMENT IS EXPECTED TO TRADE IN BEARISH ZONME.

TODAY, PRECIOUS METALS ARE EXPECTED TO CONTINUE DOWNWARD MOVEMENT IN PRICES.

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