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Copper Advances on Sign of Demand, Gold Hits New Record

September 28, 2010 at 20:19 by Vladimir Vyun

Copper prices went up today after stockpiles declined and the dollar weakened. The dollar dropped near the lowest level in eight months versus the basket of six major currencies, increasing demand for commodities as an alternative investment. LME-monitored inventories fell 25 percent this year to the lowest level since November, signaling about strong demand. December futures for copper delivery went up $0.031 (0.9 percent) to $3.628 per pound by 11:31 on COMEX.

Gold reached today the new record as investors and jewelers increased their purchases after previous decline of the prices. Together with robust physical demand it created an upward pressure for the precious metal. December futures for gold delivery added $8.80 (0.7 percent) to $1,307.40 per ounce as of 11:46 on COMEX. The prices previously touched the all-time high of $1,309.20 per ounce.

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