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Copper Rises and Gold Falls on EU Aid Package, Wheat Drops

May 10, 2010 at 21:43 by Vladimir Vyun

European Union’s policy makers announced the €750 billion ($960 billion) lending package to help indebted countries of the region which fueled optimism for copper, casing the industrial metal to gain, and curbed demand for gold as an alternative to euro, causing the precious metal to fall. Analysts say that demand for copper will be increasing in developed countries as well as emerging markets. As for gold, definitely not all experts are sure that European woes will end soon and demand for the precious metal still may return. Actually, many traders think it’s a very good time to buy gold now, while prices are falling. July futures for copper delivery rose $0.0835 (2.7 percent) to $3.228 per pound on the Comex in New York. June futures for gold delivery dropped $9.60 (0.8 percent) to $1,200.80 per ounce on the Comex.

Wheat prices dropped on speculation that favorable weather may result in increasing supplies from the U.S. Global stockpiles may reach as much as 195.8 million metric tons on May 31st, 19 percent up compared to the previous year. July futures for wheat delivery slid $0.07 (1.4 percent) to $5.03 per bushel by 10:07 on CBoT.

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