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Copper & Oil Gain with Growth of US & China’s Manufacturing

November 1, 2010 at 22:39 by Vladimir Vyun

Copper and oil gained today as manufacturing unexpectedly grew in the US and China, increasing demand for the commodities. China’s purchasing managers’ index rose from 53.8 in September to 54.7 in October. US ISM PMI advanced to 56.9 in October, while analysts expected a decline to 54.2. The Federal Reserve should announce its asset-purchase plan on November 3rd. Analysts put the size of the purchases in the range from $500 billion to $2 trillion. December delivery for crude oil gained $1.52 to $82.95 per barrel on NYMEX. December futures for copper delivery added $0.515 (1.4 percent) to $3.785 per pound by 13:13 on COMEX.

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

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