10/07/2011 05:19:00 PM
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Crude Oil Updates
NYMEX Crude Nov futures continued with their sharp upwards movement yesterday and rose by 3.65 percent to $82.59 per barrel yesterday from $79.68 per barrel the prior trading day when they had surged 5.3 percent. The US Energy Department (EIA) report on Wednesday showed that crude oil inventories decreased by 4.7 million barrels. Gasoline stocks also dropped by 1.14 million barrels and distillate inventories declined by 744,000 million barrels.
Copper Tips
COMEX Copper Dec futures surged sharply by 4.52 percent to $3.2465 per pound from $3.1060 per pound the prior trading dayCopper was the top performer on Thursday, as the red metal rallied around 4.5 percent on the LME and almost 4 percent on the MCX as ECB’s step to support banks reduced threat of the Euro Zone debt crisis spreading further.
Gold & Silver Updates
Spot Gold prices gained around 0.6 percent on Thursday mainly on account of dollar weakness. However, rise in risk appetite in the financial markets resisted further gains in gold. Gold trade good in last trading day. While Silver mcx surged allmost 5% on last trading day. Gold/Silver ratio fell sharply to 51.57 from 53.95 the prior day which showed more strength in the Silver complex than Gold.
Gols & Silver Both bullion can trade on higher level today.
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