-- Posted Thursday, 28 August 2008 | Digg This Article | Source: GoldSeek.com
GENERAL MARKET CONDITIONS/FUNDAMENTAL FACTOR
It will be known only until 31st August whether hurricane Gustav will damage to the crude oil rigs in the Gulf of Mexico. Till then crude oil prices will remain firm. Base metals will remain firm on Chinese demand and technical buying. Lead rose over 9% yesterday and should rise further today. The rise in lead prices will result in other base metals remaining firm as well. Monday pit trading is closed. The chances of hurricane Gustav transforming itself into another Rita is on the higher side. Traders will further prepare themselves for next weeks August payroll numbers on 5th September.
NYMEX CRUDE OIL (1ST CONTRACT)
A break of $122.80 will result in $126 and $130.40 in the short term. Crude oil has to fall below $116 for further losses.
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Nothing in this article is, or should be construed as, investment advice.
-- Posted Thursday, 28 August 2008 | Digg This Article | Source: GoldSeek.com
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