MCX Gold Silver Copper Crude oil updates today

[RaahiShah]

BASE METAL WRAP: London copper fell on Wednesday after a three-day rally that pushed prices to a one-week top in the previous session, although hopes of more action from Europe to sort out its debt crisis continued to buttress the outlook for metal demand.

Nickel futures fell 0.37 per cent to Rs 871.50 per kg today as speculators trimmed their positions amid a weak trend at the spot markets on sluggish demand from alloy-makers. At the Multi Commodity Exchange, nickel for delivery in August traded Rs 3.20, or 0.37 per cent, lower at Rs 871.50 per kg, with a business turnover of 405 lots.

ENERGY WRAP: U.S. crude, the commodity with the largest weighting on the CRB index, settled up $1.47 at $93.67 a barrel, after eclipsing the 100-day moving average of $93.47 and having reached $94.42. The closing price and intraday peaks were the highest since May 15.

U.S. natural gas futures ended higher on Tuesday for a second straight day, backed by buying ahead of Thursday's weekly inventory report and slightly warmer revisions to extended weather forecasts. Gas demand perked up this year after prices in the spring slid to 10-year lows below $2 per mmBtu and prompted many utilities to switch from coal to cheaper gas to generate power.

PRECIOUS METAL WRAP: Gold inched lower on Wednesday, after advancing for three straight days on hopes that central banks in Europe and the United States will launch more stimulus measures to help shore up faltering economies. Spot silver eased to $27.99 per ounce, after rising to a one-week high of $28.23 on Tuesday.
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