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Copper & Crude Gain on US Employment, Wheat Drops

July 8, 2011 at 1:03 by Vladimir Vyun

Crude oil gained after the report about the employment in the US showed better-than-expected change. The US employers added 157,000 jobs last month, while estimates of analysts promised increase by only 67,000. August futures for delivery of crude oil rose $2.02 to $98.67 per barrel on NYMEX, the highest price since June 14.

Wheat fell on the forecast that good weather in the US and Western Europe will help crops. The return of Russia to export market is expected to increase supply of wheat, further reducing prices. Contract for delivery of wheat in September dropped $0.0775 (1.2 percent) to $6.1925 per bushel by 10:49 on CBoT.

Copper futures climbed to the highest in almost three months on concerns that adverse weather in Chile, the biggest producer in the world, and the strike at the Grasberg mine in Indonesia will disrupt supplies. The positive employment data also helped the industrial metal. Futures for delivery of copper in September advanced as much as $0.107 (2.5 percent) to $4.442 per pound as of 13:18 on COMEX, following the jump to $4.4435, the highest settlement since April 12.

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