04:52
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CRUDE OIL
Brent oil declined to its lowest in five months before a report that may show stockpiles climbed to the highest level since 1990 in the U.S., the world’s biggest crude user.
Crude for July delivery decreased as much as $1.37 to $89.39 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.47 at 11:28 a.m. London time. The contract yesterday slid 10 cents to $90.76, the lowest close since May 24. Prices are down 15 percent this month, the biggest drop since December 2008.
GOLD
Gold fell for a second day on Wednesday, under the influence of a weaker euro as the euro zone debt crisis engulfed Spain and sent investors scrambling for a safe haven in the form of US dollars. We look at the most recent lows around the $1,520 level as a target and possibly below there as this storm continues. Gold in global markets, which normally set price trend on the domestic front, declined by 0.6 per cent to a one-week low of USD 1,545.88 an ounce.
SILVER
silver tumbled on the bullion market today on heavy selling by stockists, triggered a weak trend in overseas markets. Silver fell by one per cent to USD 27.57 an ounce in Singapore.In addition, poor demand at prevailing higher levels from industrial units and jewellers further fuelled the downtrend in the precious metals.
COPPER
Copper slipped on Wednesday after news that Spain needed to issue new debt to recapitalise a troubled lender and the country suffered another rating downgrade, stoking worries about the euro zone's debt crisis. Three-month copper on the London Metal Exchange edged down 0.4 percent to $7,639 a tonne by 0120 GMT, after falling 0.2 percent on Tuesday.
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