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Copper & Oil Climb on Positive Fundamentals, Gold Retreats

February 24, 2012 at 23:19 by Vladimir Vyun

Commodities, including crude oil and copper, rallied today, while gold retreated as positive macroeconomic data from Europe and the United States supported positive mood of traders. Germany’s economy expanded 1.5 percent in the fourth quarter of 2011 from a year ago. US new home sales were at an annual rate of 321,000 in January, more than analysts predicted. Sentiment of American consumer improved as was shown by University of Michigan index that rose to 75.0 in February, compared to the preliminary estimate of 72.5.

All in all, this was a good week for most commodities, especially oil that reached the highest level since May. Greece came off from news headlines, at least temporarily, and market participants turned their attention to Germany that fared much better. At the same time, the USA continued to show a robust growth, supporting optimism among traders.

April futures for delivery of crude oil climbed as much as $1.94 (1.8 percent) to $109.77 per barrel on NYMEX, the highest price since May 3. Brent crude jumped from $124.08 to $125.55 per barrel, the highest level since May 2, before closing at $125.37 on ICE today. Gold price was down from $1,778.50 to $1,773.20 per ounce on COMEX. Copper settlement climbed from $3.8225 to $3.8615 per pound in New York after reaching $3.8825 — the highest since February 13.

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

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