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Commodities Down on Signs of China’s Economic Slowdown

March 12, 2012 at 22:50 by Vladimir Vyun

Commodities fell today on signs of economic slowdown in China. Crude oil was among losers and gold also didn’t escape unscathed.

China reported that its trade deficit widened to the 22-year record. The Asian country is the major importer of raw materials (and the second biggest consumer of oil), making the news particularly bad for commodities.

Uncertainty about the future of the eurozone doesn’t help commodities either. Greece is on the brink of a default and it’s not the only country with debt problems.

April futures for delivery of crude oil fell as much as $1.06 (1 percent) to $106.34 per barrel on NYMEX. Brent went down from $125.73 to $124.20 per barrel on ICE before rebounding. Gold slipped from $1,714.50 to $1,702.20 per ounce as of 23:43 GMT on COMEX today.

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

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