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Copper & Crude Oil Rally on US Jobless Claims & China

August 22, 2013 at 23:59 by Vladimir Vyun

Crude oil rallied today as US jobless claims rose more than was expected by analyst. Claims for unemployment benefits increased from 323,000 to 336,000 last week, compared to the median forecast of 329,000. Yesterday, the Federal Reserve signaled that it may reduce its asset purchases, but today’s data decreased likelihood of such event.

Copper also advanced with help of the news from the United States as well as positive data from China, the biggest copper consumer. The manufacturing Purchasing Managers’ Index of the Asian nation went up 47.7 in July to 50.1 in August. It was the first reading above the neutral level of 50.0 (meaning it indicates expansion of the sector) since April.

October contract for WTI crude oil rose $0.01 (0.01 percent) to $105.04 per barrel on NYMEX and Brent crude went up $0.09 (0.08 percent) to $109.90 per barrel on ICE as of 23:54 GMT today. December futures for delivery of copped added $0.0065 (0.19 percent) to $3.341 per pound on COMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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