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Commodities Decline as European Summit Starts

June 28, 2012 at 22:38 by Vladimir Vyun

Commodities fell today as the summit of European leaders started. Traders are rather pessimistic about the outcome of the meeting. France and other countries would likely call for implementation of joint euro-bonds, but Germany would certainly oppose that idea as it was doing previously.

The news from the United State was also not particularly encouraging. Unemployment claims stayed near highest level this year. Economic growth slowed to 1.9 percent in the first quarter of 2012 from 3.0 percent in the previous three months.

The mood on the markets was depressed under such circumstances and the commodities felt downside pressure. The Standard & Poor’s GSCI Index of 24 commodities slid as much as 1.7 percent.

Brent crude dropped from $93.69 to $92.04 per barrel as of 22:29 GMT today on ICE. Gold was down from $1,570.00 to $1,552.30 per ounce on COMEX. Copper declined from $3.3550 to $3.3335 per pound today.

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