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Copper & Gold Have Poor Trading Session, Crude Oil Bounces

May 29, 2014 at 22:33 by Vladimir Vyun

Copper declined today in New York as signs of economic slowdown in the United States suggested that demand for the industrial metal will be limited. US gross domestic product fell 1.0 percent in the first quarter of 2014 from the previous three months, while pending home sales declined 9.2 percent in April from a year ago. July futures for delivery of copper dropped $0.0290 (0.91 percent) to $3.1445 per pound as of 22:21 GMT on COMEX today.

Gold was not able to profit from the poor US economic data. There are speculations that the indicators were a result of unusually harsh winter and spring’s data might show that economic recovery has regained momentum. August contract for gold lost $2.60 (0.21 percent) to $1,257.10 per troy ounce today.

West Texas Intermediate crude oil dropped due to an unexpected increase of US inventories but bounced by now. Brent grade of crude gained. Stockpiles grew 1.7 million barrels to 393.0 million barrels last week, while experts anticipated a small drop by 0.1 million. July WTI crude plunged $1.39 to $102.72 before trading at $103.58 per barrel on NYMEX today. Brent gained $0.27 (0.25 percent) to $110.08 per barrel on ICE.

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

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