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Copper Goes Up, Gold Rises, Oil & Gasoline Gain

July 21, 2009 at 19:47 by Vladimir Vyun

Copper went up in New York today. Demand for metals used in construction and automobiles rises because of recovering economies making copper go up in New York and London. September futures for copper gained $0.0045 (0.2 percent) to $2.4735/pound at 8:28 on the Comex division of the New York Mercantile Exchange.

Gold may go up as a declining dollar rises demand for the metal as an alternative investment. The dollar fell 1.7 percent against the single European currency while gold futures gained 2.4 percent this month. August futures for gold gained $1.60 (0.2 percent) to $950.40/ounce on NYMEX by 8:32.

Crude oil and gasoline rises today as earnings cause contraction to stop. Earnings at Caterpillar Inc. was better than expected potentially making contraction to stop in the world’s biggest fuel-consuming country resulting in rise of crude oil rose and gasoline. Futures reached $65.53, the highest since July 6th. Crude oil for August delivery gained $0.86 (1.3 percent), to $64.84/barrel as of 10:23 on NYMEX.

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

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