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China’s & Europe’s PMIs Miss Expectations, Copper & Oil Slide

November 20, 2014 at 11:31 by Vladimir Vyun

Private data about China’s manufacturing came out from Europe today as well as various PMI figures. Almost all figures were disappointing, missing analysts’ expectations. Copper and crude oil fell as a result.

Today’s negative news added to concerns for traders, who were already nervous due to the situation in Japan. The Asian country slipped into recession, forcing Prime Minister Shinzo Abe to delay the planned sales-tax increase that should have improved the nation’s budget. Abe also announced premature elections.

All the news suggests weakening global growth momentum and subsequent fall of demand for energy and industrial metals.

March futures for delivery of copper slipped 0.87 percent to $3.0060 per pound as of 11:19 GMT on COMEX today. December futures for WTI crude oil declined 0.27 percent to $74.38 per barrel on NYMEX. January contract for Brent crude was down 0.31 percent to $77.86 per barrel on ICE.

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

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