Precious metals closed higher on COMEX Wednesday,
supported by a weaker than expected ADP Non-Farm Employment Change data
and uncertainty over future talks about US debt ceiling and
future monetary policy of the world largest economy. Actively traded Gold
contract surged 2.68% or 34.50 points to 1320.60 while front month Silver futures tested a high of 22.04 before settling at 21.90, up around 3.5% or 0.72 points
an ounce. US Department of Labor is set to be released their
weekly number of Jobless Claims with a market forecast of 315,000 against
the market forecast of 305,000.
Base
metals prices rallied on the London Metal Exchange due to weaker dollar
against the other currencies and short coverings after the Tuesday's steep decline. 3-month Copper was leading the metals group, up 1.34% or 96.0 points to 7286.00,followed by rest of the metals. Lead gained 1.18%or 24.25 points to 2086.50and Aluminum rose 1.14% or 20.75 points to 1844.00after having tested a high of 1848.00 per metric ton.
WTI Crude Oil futures Oil futures rose on Wednesday
after Trans Canada Corp. said the southern leg of its Keystone XL
pipeline is nearly complete, and traders bet the construction will
help improve a glut of supplies at a key US storage hub which shadowed
the gain inCrude Oil stockpiles by 5.5 Mlb, better than the previous of
2.6 Mlb. Light Sweet Crude Oil futures rose 2.02% or 2.06 points to 104.10after having tested a high of 104.23 per barrel.
Front month Natural Gas futures declined on Wednesday on the expectation of gain in Natural Gas Storage which is set to be released tonight at 8.00PM with a market forecast of 96 Bcf against the previous of 87 Bcf. Actively traded Natural Gas contract fell to 3.54, down 1.86% or 0.07 points per mmbtu.
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