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China’s Data Boosts Copper & Crude, Does Not Help Gold

August 9, 2013 at 14:00 by Vladimir Vyun

Copper and crude oil rallied today on yet another good report from China. China’s industrial production advanced as much as 9.7 percent in July from a year ago. The unending stream of favorable data eased concerns about slowing economic growth in the biggest Asian economy. Crude also gained as US inventories shrank (stockpiles dropped by 1.3 million barrels to 363.3 million last week).

Gold did not join the rally. Many traders believe that the US Federal Reserve is going to tamper back quantitative easing and such outlook is negative for the precious metal. It looks like bears are still controlling the gold market.

September futures for delivery of copper rallied $0.0210 (0.64 percent) to $3.2915 per pound as of 13:54 GMT on COMEX today. Contract for WTI crude oil gained $0.93 (0.9 percent) to $104.33 per barrel on NYMEX. Meanwhile, December gold slipped $1.9 (0.15 percent) to $1,308 per troy ounce today.

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