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Copper Gains, Other Commodities Don’t Join Rally

May 1, 2015 at 16:50 by Vladimir Vyun

Copper demonstrated gains yet again today following yesterday’s substantial rally. The metal rallied on the signs that China’s manufacturing halted its decline and started to expand, albeit at a very slow pace. The official report said:

China’s manufacturing PMI rose slightly from 49.9 in February to 50.1 in March, returning to the expansionary zone. That being said, the March reading was still at a low level, indicating that the growth momentum of the manufacturing sector has remained weak.

July futures for delivery of copper advanced 1.16 percent to $2.92 per pound as of 16:39 GMT on COMEX today.

Meanwhile, most other commodities, including gold and crude oil, demonstrated losses. The possible reason for this was the unexpectedly strong performance of the US dollar. June futures for delivery of gold declined 0.93 percent to $1,171.40 per troy ounce today. WTI crude oil lost as much as 1.43 percent to $58.78 per barrel on NYMEX.

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

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