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Copper & Oil Down on Concerns About Europe, Gold Profits from Fears

January 5, 2012 at 3:50 by Vladimir Vyun

Crude oil and copper pared yesterday’s gains today as concerns about the European debt crisis stopped the rally of commodities. Gold, on the other hand, profited from the worries.

Demand for German bonds on the auction yesterday was weak. Eurozone inflation fell from 3.0 percent to 2.8 percent last month, according to the preliminary estimate of Eurostat.

Earlier, crude was rising on growing tensions around Iran. Oil and copper were also rallying as manufacturing in the United States and China expanded.

February futures for delivery of crude was down $0.71 to $102.25 per barrel as of 00:43 GMT in electronic trading on NYMEX. Brent crude dropped from $113.65 to $113.05 per barrel as of 3:43 GMT today on ICE. Copper was down from $3.4700 to $3.4230 per pound, while gold went higher from $1,614.20 to $1,617.20 per ounce today on COMEX.

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

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