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Copper Gains, Gold Prices Move Lower

September 30, 2015 at 9:23 by Vladimir Vyun

Futures for delivery of copper rallied today with the help of the risk-positive sentiment on markets that drove stocks, commodities and other risky assets higher. If the metal is able to keep gains, it will settle in green for the first time since September 21. Traders wait for couple of important manufacturing reports from China scheduled for tomorrow that can strongly affect prices for copper. Contract for delivery of the industrial metal in December jumped as much as 2.22 percent to $2.3015 per pound as of 9:16 GMT on COMEX today.

The same risk appetite that helped copper drove prices for gold lower. The losses were limited due to reports that China increased its gold holdings by 1 percent in August. Now, traders wait for employment reports from the United States that will be released over the next several days. The data can affect the outlook for timing of monetary tightening from the Federal Reserve, and consequently prices for the metal. Futures for delivery of bullion slipped 0.17 percent to $1,124.9 per troy ounce today.

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