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Copper & Crude Oil is Heading for Records

September 30, 2010 at 19:15 by Vladimir Vyun

Copper were heading for the biggest quarterly gain this year as the dollar weakened and inventories shrank. The US Dollar Index dropped 8.7 percent this quarter, making commodities cheaper and more attractive to buy. LME-monitored stockpiles of copper declined 17 percent this quarter. December futures for copper delivery slid $0.0005 to $3.661 per pound by 8:39 on COMEX.

Crude oil headed for the biggest monthly gain since May 2009, as reports about gross domestic product and jobless claims in the US were better than expected, suggesting that demand may increase. US GDP increased by 1.7% in the second quarter and initial jobless claims went down from 469,000 to 453,000 last week. US stockpiles of crude oil declined by 0.5 million barrels and total motor gasoline inventories dropped by 3.5 million barrels last week. November delivery for crude oil advanced $1.04 (1.3 percent) to $78.90 per barrel as of 11:12 on NYMEX.

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