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China’s Growth Helps Commodity Market

October 18, 2013 at 20:30 by Vladimir Vyun

Crude oil rallied today as economic growth accelerated in China. Copper also advanced, but retreated later. China is the biggest consumer of both commodities.

Chinese gross domestic product expanded 7.8 percent in the third quarter of 2013 from the same period in the previous year. In the second quarter, annual growth was at 7.5 percent.

The partial US government shutdown created a backlog of economic reports. Data will start trickle back to market participants next week. Among other reports, there will be information on the US oil inventories and very important nonfarm payrolls.

November futures for delivery of WTI crude oil went up $0.16 (0.16 percent) to $100.83 per barrel on NYMEX today. December contract for Brent crude jumped $0.92 (0.84 percent) to $110.03 per barrel on ICE. December copper lost $0.007 (0.21 percent) to $3.29 per pound on COMEX after rallying 0.1 percent intraday.

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