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Copper Bolstered by China’s Demand, Gold Aided by EU Crisis

May 24, 2010 at 19:12 by Vladimir Vyun

Copper futures rose on prospect of strong demand from China. Analysts say that global inventories are dwindling while demand from China remains stable, which may lead to a deficit of the metal. Inventories monitored by the Shanghai Futures Exchange decreased for a third straight week in spite of the fact that China imported 309,772 metric tons the previous month. July futures for copper delivery advanced $0.1165 (4 percent) to $3.061 a pound as of May 21 on COMEX.

Gold futures jumped after the euro’s decline boosted demand for the precious metal as a safe haven. The Bank of Spain took over the savings bank CajaSur after it was harmed by property-loan defaults. This caused doubts about resilience of the European banking system, which led to the euro’s weakness. June futures for gold delivery climbed $15.10 to $1,191.20 per ounce by 11:34 on COMEX in New York.

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