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Copper & Crude Oil Demonstrate Losses

March 17, 2015 at 13:02 by Vladimir Vyun

Futures for copper tumbled today, unable to maintain yesterday’s gains, as traders were concerned about signs of economic slowdown in China. While prospects for stimulus from Chinese authorities were helping the metal to log gains on the previous trading session, market participants were less optimistic during the current session. Today’s slump was much bigger than yesterday’s meager gain. May contract for copper lost as much as 2.10 percent of its value to $2.6115 per pound as of 12:54 GMT on COMEX today.

Meanwhile, crude oil demonstrated the same performance as yesterday, i.e. it was falling. Experts predict that tomorrow’s official supply report will show another increase of US inventories of crude, which are already at the record level. Such forecasts are extremely bearish for oil, resulting in today’s big drop. April futures for WTI crude oil sank 2.14 percent to $42.94 per barrel on NYMEX. May Brent crude declined 2.25 percent to $53.44 per barrel on ICE.

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