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Commodities Lower as Fed Policy Makers Meet

July 30, 2013 at 3:47 by Vladimir Vyun

Commodities, including gold, copper and crude oil, were lower today, hurt by speculations that US economic growth slowed from 1.8 percent in the first quarter of 2013 to 1.1 percent in the second quarter. Economic slowdown would not necessary be negative for raw materials as it reduces incentive for the Federal Reserve to tamper quantitative easing. The Fed has started its policy meeting yesterday and will conclude it today. No changes to policy are expected, but the statement may give hints about future moves of the central bank.

Copper was also weaker as growth in more than a half of China’s provinces trailed forecasts. China is the major consumer of the metal. Previously, the Asian country was a source of optimism for traders, but now it makes them concerned because of signs of slower economic growth.

September contract for WTI crude oil fell $0.29 (0.28 percent) to $104.26 per barrel on NYMEX and Brent crude lost $0.15 (0.14 percent) to $107.30 per barrel on ICE as of 3:41 GMT today. December futures for gold declined $0.2 (0.02 percent) to $1,329.40 per troy ounce on COMEX. September contract went down $0.0075 (0.24 percent) to $3.10 per pound today.

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

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