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Copper & Oil Post Gains Amid Higher Demand

February 9, 2012 at 0:41 by Vladimir Vyun

Copper gained as China announced plans to support housing in the country. The metal is used in construction of building, therefore such plans will likely lead to an increase of demand. Futures for delivery of copper in March rose 0.9 percent to close at $3.9095 per pound COMEX.

Crude oil advanced after a report showed that US inventories rose less than was predicted by analysts, while refineries increased their production. US stockpiles of crude grew just by 0.3 million barrels last week. Refineries boosted their capacity utilization by 1 percentage point to 82.8 percent. March futures for crude oil delivery rose $0.3 to $98.71 per barrel on NYMEX.

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