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Commodities Under Pressure After Amazing NFP

November 6, 2015 at 15:35 by Vladimir Vyun

Commodities were under pressure from by the strong dollar today. The greenback rallied after US nonfarm payrolls demonstrated strong growth in October. Employment grew by 271,000 last month while experts had predicted a much smaller increase by just 181,000.

Crude oil was also down due to concerns about the glut on the market. There are speculations that the Organization of Petroleum Exporting Countries will not cut production at its December meeting. Meanwhile, US inventories of crude continued to growth last week, staying close to the record levels.

December contract for gold slid 1.53 percent to $1,087.3 per ounce as of 15:30 GMT on COMEX today. Silver tumbled 1.62 percent to $14.74 per ounce. Copper declined 0.42 percent to $2.2455 per pound. Futures for WTI crude oil lost 1.02 percent of its value to $44.74 per barrel on NYMEX. Brent crude slipped 0.27 percent to traded at $47.85 per barrel on ICE.

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

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