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Copper Gains on Demand from USA, Brent Oil Falls

March 19, 2012 at 22:27 by Vladimir Vyun

Copper rose today on the forecast that demand from the United State will increase as housing sector expands. Fundamental data from the USA helps investors to be optimistic and that helps commodities. The improvement of housing market is particularly good for copper as construction makes up 40 percent of demand for the metal. Copper price went up from $3.8680 to $3.9005 per pound as of 22:07 GMT today on COMEX today.

Brent oil fell today after specialists said that there’s no shortage of the commodity. Saudi Arabia, the biggest oil producer in the Organization of Petroleum Exporting Counties, was pumping 9.87 million barrels per day in January. The country promised that it would boost production to make up supply from Iran to prevent deficit and it looks like it fulfilled its promise. Brent oil fell from $125.93 to $125.36 per barrel on ICE. April futures for crude added $0.27 to $107.33 per barrel in electronic trading on NYMEX.

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

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