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Commodities Gains as Poor Macroeconomic Data Hurts Dollar

August 27, 2013 at 1:11 by Vladimir Vyun

Commodities gained today as the dollar fluctuated, weakened by negative macroeconomic data. Durable goods orders tumbled 7.3 percent in July. The slump was more than two times the forecast drop by 3 percent. The unfavorable report followed the Friday’s abysmal housing data.

Signs of economic weakness reduce chances for quantitative easing tampering by the Federal Reserve in September. This weakened the dollar, boosting raw materials. Yet it looks like the idea of QE reduction is too strongly ingrained in minds of many traders and it helps the dollar to attempt rebound as of now, threatening commodity prices.

December futures for delivery of silver jumped as much as $0.52 (2.2 percent) to $24.31 per troy ounce as of 1:06 GMT on COMEX today. Contract for delivery of copper in three months advanced $40 (0.55 percent) to $7,360 per metric ton on LME. October WTI crude oil added $0.59 (0.56 percent) to $106.51 per barrel on NYMEX.

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

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