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Advance of Copper & Crude Oil Prices

October 21, 2010 at 1:20 by Vladimir Vyun

Copper rose today and is expected to continue its rally even though China raised its interest rates. China’s central bank increased yesterday the benchmark one-year lending rate from 5.31 percent to 5.56 percent and raised the deposit rate from 2.25 percent to 2.5 percent. Despite the resulting outlook for slower economic growth of China, analysts say demand for copper should be sustainable. Three-month delivery for copper advanced 0.7 percent to $8,319.75 per ton, before trading at $8,301.50 per ton by 16:01 in Singapore.

Crude oil reached the highest level in five weeks today after the dollar dropped to the lowest level in 15 years against the yen and on report about lower than expected increase of US crude oil inventories. The dollar reached the price of 80.85 yen today, the weakest level since April 1995. Gains of stocks also boosted oil as the Standard & Poor’s 500 index gained 1.3 percent and the Dow Jones Industrial Average rose 1.4 percent. November delivery for crude oil gained $2.28 to $81.77 per barrel on NYMEX.

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

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