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Advance of Copper, Oil & Gold

March 17, 2011 at 22:24 by Vladimir Vyun

Copper gained on the speculation that rebuilding in Japan will increase demand. Earlier the industrial metal weakened on concerns that the crisis in Japan after the earthquake, the tsunami and the radiation leak from the nuclear pant will harm the world economy. Now the sentiment turned to positive for copper as the reconstruction in Japan will require a huge amount of the metal. Copper went $20 to $9,280 per metric ton as of 7:32 on LME.

The uprising in Libya pushed oil higher on concerns about supply, while also boosting gold as a safe haven. The warplanes of the Libyan government forces dropped bombs at the positions of the rebels around Benghazi. The US suggested the foreign intervention to remove Libya’s leader Muammar Qaddafi from power. Bahrain’s police arrested six opposition leaders. On March 15 Bahrain declared the three-month state of emergency. April futures for gold delivery gained $8.10 (0.6 percent) to $1,404.20 by 13:45 on COMEX. April delivery for crude oil advanced $3.44 to $101.42 per barrel on NYMEX.

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