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Commodities Mixed in Early Wednesday’s Trading

August 19, 2015 at 0:09 by Vladimir Vyun

Commodities were mixed during the Wednesday’s Asian trading session. West Texas Intermediate crude oil was down while the Brent grade was up. Gold was trading flat, and silver gained.

Traders wait for the Federal Reserve minutes that will be released today. Market participants hope that the notes will hint at the possible timing of an interest rate hike. Of course, the problem is that the minutes cannot take into account the recent events in China.

Talking about China, the nation’s stock market collapsed yet again. The Shanghai Stock Exchange Composite Index sank more than 6 percent during Tuesday’s trading. The news could be considered very negative for the commodity market as China, being the world’s second biggest economy, is a major consumer of raw materials. Yet the troubles in the Asian country may prompt the Fed to delay monetary tightening, and that would be very positive for commodities.

December futures for gold were almost unchanged at $1,116.60 per troy ounce as of 00:00 GMT on COMEX today. At the same time, contract for silver gained 0.27 percent to $14.83 per ounce. September WTI crude oil lost 0.63 percent of its value to trade at $42.35 per barrel on NYMEX. Meanwhile, Brent crude for delivery in October advanced 0.14 percent to $48.81 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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