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Commodity Markets Confused by Economic Data

September 8, 2015 at 15:04 by Vladimir Vyun

The commodity market was confused by mixed economic data on Monday, resulting in very different behavior of various raw materials. Gold was little changed while silver and copper rallied. Brent crude oil gained as well, but the West Texas Intermediate grade of oil declined.

The negative part of the data was the trade balance report released from China over the weekend. It showed a sharp drop of nation’s imports by 13.8 percent in August from a year ago. On the positive side, European economic indicators were good, including record Germany’s trade surplus and economic growth of the whole eurozone that exceeded forecasts. Additionally, speculations that the Federal Reserve is not going to start monetary tightening this month were encouraging for traders who wanted to invest in riskier assets.

December contract for gold slipped a little by 0.09 percent to $1,120.40 per troy ounce as of 14:58 GMT on COMEX today. At the same time, futures for delivery of silver advanced 0.63 percent to $14.64 per ounce. Copper jumped as much as 4.67 percent to $2.42 per pound. Futures for delivery WTI crude oil in October slid 2.63 percent to $44.84 per barrel on NYMEX. Meanwhile, contract for Brent crude added 1.18 percent to trade at $48.19 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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