Precious metals on COMEX closed almost flat after trading between gains and losses as investors assessed the deadlock between US lawmakers over the debt limit and government shutdown and the implication for monetary stimulus by the Federal Reserve. Actively traded Gold contract settled flat at 1324.60 with aluminium decline of 50 cents after having tested a high of 1330.80 and low of 1315.40 while front month Silver futures closed at 22.44, up 0.06points or 0.25% an ounce.
Base metals closed higher on the London Metal Exchange, except Nickel and Copper which were settled in red.3-month Lead was top performing metal among the group, jumped around 1.5% or 30.25 points to 2092.75 after having tested a high of 2108.00, followed by Aluminum and Zinc which were rose half a percent each to 1862.50 and 1887.50 respectively. Copper tested a high of 7295.00 before settling at 7233.50, down 5 points per metric ton.
WTI Crude Oil gained on Tuesday as US lawmakers took steps toward raising the government's debt limit, reducing the likelihood of a default that slows economic growth and weaker the fuel demand. Light Sweet Crude Oil futures rose around half a percent or 0.46 points to 103.49 after having tested a high of 104.08 per barrel. EIA is set to be released their Weekly Crude Oil Inventories report tonight at 8.00PM with a market forecast of 0.9 Mbd against the previous week of 5.5 Mbd while US Private agency API showed gain in stockpiles by 2.8 mbd. Natural Gas futures continued its rally for the straight two days due to warmer weather forecast which spur the demand for this energy complex. Front month Natural Gas futures settled almost three weeks high at 3.72, up 2.40% or 0.09 points.
Base metals closed higher on the London Metal Exchange, except Nickel and Copper which were settled in red.3-month Lead was top performing metal among the group, jumped around 1.5% or 30.25 points to 2092.75 after having tested a high of 2108.00, followed by Aluminum and Zinc which were rose half a percent each to 1862.50 and 1887.50 respectively. Copper tested a high of 7295.00 before settling at 7233.50, down 5 points per metric ton.
WTI Crude Oil gained on Tuesday as US lawmakers took steps toward raising the government's debt limit, reducing the likelihood of a default that slows economic growth and weaker the fuel demand. Light Sweet Crude Oil futures rose around half a percent or 0.46 points to 103.49 after having tested a high of 104.08 per barrel. EIA is set to be released their Weekly Crude Oil Inventories report tonight at 8.00PM with a market forecast of 0.9 Mbd against the previous week of 5.5 Mbd while US Private agency API showed gain in stockpiles by 2.8 mbd. Natural Gas futures continued its rally for the straight two days due to warmer weather forecast which spur the demand for this energy complex. Front month Natural Gas futures settled almost three weeks high at 3.72, up 2.40% or 0.09 points.
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