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Commodities Rally, Copper Doesn’t Join

July 10, 2015 at 11:07 by Vladimir Vyun

Commodities extended yesterday’s gains as the Chinese stock market continued to rise following the previous crash. The Shanghai Composite Index rose 5 percent today after rallying 5.7 percent during the previous trading session. Surprisingly enough, copper did not join the rally (or rather the metal had joined the rally only to fall later).

Crude oil also had its own supportive factor in the form of concerns about the outcome of the Iranian nuclear negotiations. There are speculations that Iran and the Western countries will not reach a deal in the near future. And it is possible if an accord is not achieved soon, it will not be reached at all.

August futures for delivery of gold ticked up 0.2 percent to $1,161.50 per troy ounce as of 11:04 GMT on COMEX today. At the same time, September copper declined 0.61 percent to $2.536 per pound. August contract for WTI crude oil advanced 0.78 percent to $53.19 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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