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Copper & Oil Declines on Economic Reports from US

August 19, 2010 at 18:52 by Vladimir Vyun

Copper prices declined today after the report of the Federal Reserve Bank of Philadelphia showed that US manufacturing activity unexpectedly slowed in August. Philadelphia Fed index dropped from 5.1 to -7.7 this month. Median forecast was an increase to 7.1. A figure below 0.0 indicates worsening conditions. December futures for copper delivery slid $0.023 (0.7 percent) to $3.3475 per pound by 10:29 on COMEX.

Philadelphia Fed report, together with an increasing number of unemployment claims, also drove down prices for crude oil. Claims for jobless benefit jumped from 488,000 to 500,000 last week. It was even more frustrating, considering that analysts promised a decline to 478k, not an increase. Signs of economic slowdown suggest that demand for commodities, including copper and oil, may wane. October settlement for crude oil went down $1.34 (1.8 percent) to $75.13 per barrel on ICE.

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

2 Responses to “Copper & Oil Declines on Economic Reports from US”

  1. Ann Stewing

    You are really knowing this job well, so i can get your help. Forex trading is scaring me, graphs, numbers etc. I hear something about automathic systems for trading, and i found Can i trust this?


    enivid Reply:

    I wouldn’t trust it. The chances are that it’s just going long on gold and hoping that the commodity will rise.


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