Commodity Face For Today: Evening Updates For 5th December

Commodity Face Today

Gold Updates

Commodity Face

Gold edged lower on Thursday following a short-covering rally in the previous session, weighed down by concerns the U.S. Federal Reserve could soon begin tapering its monetary stimulus on strong economic data. Spot gold had fallen 0.4 percent to $1,238.23 an ounce, after gaining 1.6 percent in the previous session. Gold prices dropped to five-month lows in recent sessions after a string of solid factory and other reports fanned expectations for the Federal Reserve to soon begin tapering its monthly bond purchases, which have elevated the yellow metal for over a year by keeping the greenback weak.

Silver Updates

Silver on COMEX advanced significantly by 0.55 points on Wednesday. Price opened at $19.09 and after testing intraday low of $18.87 surges to high of $19.88 on back of strong US data. In today’s session price is down by 0.07 points. MCX silver opened at 44103 levels and after testing intraday low of 43653 levels surges in later half and tested of 45178 levels and close with gain of 939 points at 45077 levels. In today’s session price is down by 580 points on back of strong Rupee. On COMEX silver has support at $18.65 and $19.00 whereas resistance is at $19.50 and $20.00 levels. In domestic market support is 42800 and 43500 levels and on higher side 44500 and 45300 could act as resistance.

Crude Oil Updates

Crude oil prices eased on Thursday following a bullish drop in crude stocks in the United States and with support from OPEC's decision to leave production levels steady. On the NYMEX, light sweet crude futures for delivery in January traded at $97.03 a barrel, down 0.20%, after hitting an overnight session low of $96.09 and a high of $97.53. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 5.6 million barrels in the week ended Nov. 29, well beyond expectations for a decline of 500,000 barrels.

Natural Gas Trend

Natural gas prices held on close to session highs on Wednesday after updated weather forecasting models continued to call for chilly temperatures across much of the U.S., while hopes for a bullish supply report due out Thursday also supported prices. Colder temperatures hike the need for heating this time of year, thus increasing demand for natural gas at the nation's thermal power generators. On the NYMEX, natural gas futures for delivery in January traded at $3.988 per million British thermal units during U.S. trading, up 0.29%.

Copper Updates

London copper slipped on Thursday from a nine-day high hit in the previous session, as a short-covering rally triggered by surprisingly robust U.S. jobs data ran out of steam. Three-month copper on the LME had slipped 0.36 percent to $7,069.75 a tonne, paring gains of nearly 2 percent from the previous session. Copper prices rallied to $7,128 a tonne on Wednesday, the highest since Nov. 25, making a fitful recovery from three-month lows touched on Nov. 19 at $6,910 a tonne.

Source: Destimoney.com

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