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Copper Declines on Lower Demand in China, Gold Slips

January 13, 2011 at 21:18 by Vladimir Vyun

Copper slipped today on concern about slowing demand in China. World Bank estimated that China’s rate of economic growth may decrease from 10 percent in the previous year to 8.7 percent in 2011. Bad unemployment report from the US today also weakened the metal. March delivery for copper dropped $0.0205 (0.5 percent) to $4.391 per pound as of 11:08 on COMEX.

Gold declined today as auctions of Spanish and Portuguese bonds eased worries about future of European economy. Demand for Spain’s debt increased, while for Portugal fell yesterday. The precious metal may still rebound on concerns about accelerating inflation. February futures for delivery gold slid $1.60 (0.1 percent) to $1,384.20 per ounce by 11:40 on COMEX. The metal rallied 1.2 percent in the previous three days.

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

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