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Bad Day for Copper, Gold & Oil

March 10, 2011 at 18:02 by Vladimir Vyun

Copper declined to the lowest level in three months as imports in China fell and on the speculation that the global demand may weaken. China’s imports of copper and related products went down in February 35 percent from a month earlier to the lowest level in more than two years. May futures for copper delivery retreated $0.0435 (1 percent) to $4.169 per pound at 10:18 on COMEX.

Gold fell today as the high prices prompted the sell-off by investors. The precious metal, which rose earlier on the surging fuel prices, also declined as oil weakened. April futures for gold delivery slipped $23 (1.6 percent) to $1,406.60 by 10:51 on COMEX.

Oil dropped today to the lowest level in almost four months on concern that the global economic growth is slowing. Initial unemployment claims in the US increased from 371,000 to 397,000 last week. Moody’s Investors Service downgraded Spain’s credit rating to Aa2. April delivery for crude oil fell as much as $3.33 (3.2 percent) to $101.05 per barrel as of 10:53 on NYMEX.

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

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