Commodity Update..........

Crude prices end marginally higher after ECBs announcement | US crude oil inventories declined 7.40 million barrels in the week ended August 31

Crude prices ended marginally higher on Thursday after the European Central Bank announced the new bond-buying program that is expected to help troubled economies of the euro area, though the gains were pared on a report that showed a steep drop in US oil inventories.

The weekly EIA oil report showed that US crude oil inventories declined 7.40 million barrels and gasoline stocks were down by 2.30 million barrels in the week ended August 31. While, the US oil output fell 12%, to its lowest level in a year due to precautionary rig shutdowns in the Gulf of Mexico.

Benchmark crude for October delivery gained $0.17 or 0.2 percent to close at $95.53 a barrel after trading in a range of $97.71 and $95.26 on the New York Mercantile Exchange. In London, Brent crude for October delivery rose 40 cents, or 0.4%, to $113.49 a barrel on the ICE.

Gold knocks off six month high price level

Gold prices climbed to the highest level in six months on news that the European Central Bank outlined a plan to buy bonds in the open market in an effort to support the euro zone's flattering debt markets. The yellow metal also soared up as US jobs data signaled a tentative improvement in the labor market and also as investors spectacled on more widely watched August non-farm payrolls data, hoping for further insight on the health of the U.S. economy.

Gold futures for December-delivery soared by $11.60 or 0.7% at $1,705.60, on the Comex division of the New York Mercantile Exchange. While, spot gold also inched up by 0.51 % at $1,701.50 an ounce.

Copper takes breather after three straight day gain

Copper prices drifted lower on Thursday, snapping three straight day gains despite positive news that the European Central Bank will undertake an aggressive bond-buying program to help rattling euro zone countries. The red metal however buoyed near six-week highs, it slipped in conjunction with weak US equities and a stronger dollar. The industrial metal also pared some gains as traders side lined as they went wary ahead of key non-farm payrolls report, which might signal more instinct on US economy.

Copper futures for December delivery slipped by 1.25 cents to settle at $3.5165 per lb, after dealing between $3.4925 and $3.5390, on the Comex metals division of the New York Mercantile Exchange. Copper for three-month delivery on the London Metal Exchange eased by 0.4% to $7,710 per ton.