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Commodities Drop as US Nonfarm Payrolls Disappoint Traders

July 6, 2012 at 21:29 by Vladimir Vyun

Commodities declined today on bad news from the United States and Europe. US employers added 80,000 jobs last month, while at least 97,000 was expected. Yesterday, positive employment data was released, giving hope that the US labor market is improving. Such optimism proved to be wrong. The yield on Spanish 10-year bonds rose beyond the 7 percent level, adding to evidences that problems of Europe are far from being solved by the last European summit.

The Standard & Poor’s GSCI Spot Index of 24 commodities dropped 2.4 percent today. The index has lost 6.2 percent this year.

Brent crude slid from $100.07 to close at $98.16 per barrel on ICE today. Gold was down from $1,604.40 to $1,583.00 per ounce on COMEX. Silver declined from $27.66 to $27.07 per ounce. Copper sank from $3.4950 to the closing price of $3.4045 per pound today.

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