Silver

Silver on MCX settled down -1.22% at 41430 after data showed companies in the U.S. added jobs at a blistering pace in February. Payroll processing firm ADP said nonfarm private employment rose by 298,000 payrolls in February, well above forecasts for an increase of 190,000. The big number could cause economists to adjust their expectations for Friday's key nonfarm payrolls number.

Trading Ideas: 

 *Silver trading range for the day is 41007-42171. 

*Silver prices dropped after a better-than-expected ADP jobs report lifted expectations of a March rate hike.

Crude oil

Crudeoil on MCX settled down -3.74% at 3425 after a report showed U.S. crude inventories rose for a ninth straight week. Oil prices added to losses sustained in the previous session, after the Energy Information Agency (EIA) reported a much larger increase than expected in U.S. crude inventories.

Trading Ideas: 

 *Crudeoil trading range for the day is 3330-3598. 

*Crude oil fell more than 3% after a report showed U.S. crude inventories rose for a ninth straight week.

Natural gas

Natural gas on MCX settled up 3.96% at 196.80 on short covering and amid of bullish technical signals just one day before the US EIA is scheduled to release its weekly inventory update. The inventory data will be closely watched in the aftermath of the EIA’s report of a historic build in natural gas stocks in the week ended Feb. 24. This was only the second time since the EIA began collecting data that there has been an inventory injection in the high demand period of December-January. Another bearish fundamental for natural gas, the EIA on Tuesday reduced its 2017 price forecast for Henry Hub spot prices by 12% due to a warmer winter.

Trading Ideas: 

*Natural gas trading range for the day is 186.8-202.4. 

*Natural gas rallied nearly 4% ahead to weekly storage data to gauge supply and demand levels.

Copper

Copper on MCX settled down -0.37% at 385.35 traded with weakness as fresh selling seen in yesterday's session and prices slipped on Wednesday to a one-month low on selling triggered by a higher dollar, lower imports of the metal by top consumer China and rising inventories. Growing expectations the U.S. Federal Reserve will hike rates next week have boosted the U.S. currency which could mean weaker demand.

Trading Ideas: 

 *Copper trading range for the day is 381.8-391.8. 

*Copper prices slipped on selling triggered by a higher dollar, lower imports of the metal by top consumer China and rising inventories.

Zinc

Zinc on MCX settled up 0.33% at 180 as support seen on short covering after fresh update that a 3-1/2-week strike at Noranda Income Fund's zinc processing facility in Quebec is showing no signs of ending, union officials said on Wednesday, with no talks set between workers and management. The two sides met with a Quebec government-appointed mediator last Friday but no progress was made in settling a dispute over pension cuts and no further meetings arranged, United Steelworkers of America Local 6486 President Manon Castonguay said. The market is keeping a close eye on the strike as zinc prices have more than doubled since the beginning of last year due to a shortage tied to mine closures and shutdowns.

Trading Ideas: 

 *Zinc trading range for the day is 178.3-182.1. 

*Zinc gained on short covering after fresh update that a 3-1/2-week strike at Noranda Income Fund's zinc processing facility in Quebec is showing no signs of ending.

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