Wednesday, 23 October 2013

COMMODITY MARKET TREND - 24 OCTOBER 2013

BASE METAL WRAP: Copper slid more than 2 percent on Wednesday as fears of tighter monetary policy in top metals user China outweighed speculation that tepid U.S. jobs data will deter the Federal Reserve from tapering its stimulus this year.

ENERGY WRAP: Oil prices fell on Wednesday in volatile spread trading following a surge in U.S. crude oil inventories to the highest level since June.

PRECIOUS METAL WRAP: Gold futures fell on signs of slowing purchases of bars and jewelry in China, the world’s second-biggest consumer, while the dollar’s rebound eroded demand for the metal as an alternative investment.

GLOBAL EVENTS TO WATCH: French Flash Manufacturing PMI, German Flash Manufacturing PMI, Trade Balance, Flash Manufacturing PMI, New Home Sales, JOLTS Job Openings, Natural Gas Storage.


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