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Copper & Oil Rally on Manufacturing, Gold Does Not Join

August 2, 2013 at 0:38 by Vladimir Vyun

Crude oil rallied and copper advanced as manufacturing expanded in the United States and China. The Institute for Supply Management manufacturing Purchasing Managers’ Index rose from 50.9 percent in June to 55.4 percent in July. It was much bigger increase than analysts have expected. China’s manufacturing improved too.

Gold did not join the rally. Gold bulls were concerned that the positive data may encourage the Federal Reserve to tamper down monetary stimulus even though the central bank promised that monetary accommodation will remain for a long time. The European Central Bank and the Bank of England also kept their monetary policies extremely accommodative but this did not help the precious metal either.

June futures for Brent crude oil rallied $1.84 (1.71 percent) to $109.54 per barrel as of 00:31 GMT on ICE today. Contract for delivery of copper in three months advanced $119 (1.73 percent) to $6,999 per metric ton on LME. Meanwhile, December futures for gold slipped $4.6 (0.35 percent) to $1,306.6 per troy ounce on COMEX.

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