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Copper Falls, Crude Oil Gains on Mixed Fundamentals

August 30, 2011 at 2:08 by Vladimir Vyun

Copper fell as prospects for the global growth worsened. Economics and Business Research predicted that growth of the global economy will slow to 3 percent in 2011 down from 4.2 percent in 2010. December futures for delivery of copper slipped $0.008 (0.2 percent) to $4.1095 per pound by 13:12 on COMEX. The metal declined 8.3 percent this month.

Oil, on the other hand, preferred to react to good news, rising after personal consumption in the US increased. Spending of the US citizens rose 0.8 percent in July, following the drop by 0.1 percent in June. The report of the Energy Department tomorrow is expected to show that inventories of gasoline decline, while stockpiles of crude grew. October contract for delivery of crude oil gained $0.45 to $87.72 per barrel in electronic trading on NYMEX.

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