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Copper Rises on Improving Demand, Oil Follows

September 25, 2013 at 4:06 by Vladimir Vyun

Copper rose today on improving prospects for demand in China. The HSBC Flash China Manufacturing Purchasing Managers’ Index rose from 50.1 in August to 51.2 in September, reaching the highest level in six months. The reading was above the median forecast of 50.9. The economy of the biggest copper consumer continues to show signs of stable growth and this is good for the metal. December futures for delivery of copper rose $0.005 (0.15 percent) to $3.2615 per pound as of 3:55 GMT on COMEX today.

Crude oil gained today too, snapping its decline, on speculations that US stockpiles shrank last week. Experts estimated that US crude inventories contracted by 1 million barrels. The official data will be released today. November futures for delivery of WTI crude oil went up $0.14 (0.14 percent) to $103.27 per barrel on NYMEX today. Contract for Brent crude added $0.13 (0.12 percent) to $108.77 on ICE.

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