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Concerns for European Economy Drive Copper & Oil Down

September 7, 2010 at 20:24 by Vladimir Vyun

Copper prices fell today as the stronger dollar reduced demand for the metal as an alternative asset. The stronger US currency makes dollar-priced raw materials more expensive, decreasing their appeal. Copper also declined after a report that factory orders in Germany unexpectedly decreased. December delivery for copper slipped $0.059 (1.7 percent) to $3.441 per pound by 8:07 on COMEX.

Crude oil also dropped after dollar gained versus the euro on concern that European economy may deteriorate. German factory orders unexpectedly decreased by 2.2 percent in July. The Standard & Poor’s 500 Index slid 0.9 percent. October delivery for crude oil went down $1.01 (1.4 percent) to $73.59 per barrel as of 11:48 on NYMEX.

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