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Commodities Mixed as Markets Wait for Fed Decision

September 15, 2015 at 19:16 by Vladimir Vyun

Commodities were mixed today as traders are unsure what decision the Federal Reserve will make during its policy meeting later this week. Many analysts believe that the US central bank will not start monetary tightening just yet, and if that is the case it would likely be very positive for raw materials. Consequently, an interest rate hike would be very detrimental to commodity prices. October futures for delivery of WTI crude oil rallied 0.84 percent to $44.37 per barrel as of 19:02 GMT on NYMEX today. December contract for gold declined 0.38 percent to $1,103.5 per troy ounce on COMEX. Copper was up 0.83 percent to $2.4255 per pound.

Agricultural commodities fared far worse as the vast majority of them were in decline. Some experts were speculating that the global food markets experience a substantial glut, meaning that prices are likely to go even lower. Corn for delivery in December fell 0.76 percent to $3.905 per bushel on CBoT today. Wheat slid 1.3 percent to $4.9475 per bushel.

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