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Copper Slips; Oil Rises, Gold Falls on US Unemployment Report

September 9, 2010 at 18:23 by Vladimir Vyun

Copper prices dropped to the lowest level in a week today after investigation of rubber futures by Chinese regulators sparked a speculation that some traders may be forced to sell commodities. Analysts say that slump of prices is temporary as fundamentals didn’t change. December delivery for copper fell $0.0495 (1.4 percent) to $3.451 per pound at 10:42 on COMEX.

Crude oil jumped today after jobless claims in US decreased and US crude oil inventories unexpectedly declined. US stockpiles of crude oil decreased by 1.9 million last week, while an increase was expected. October delivery for crude oil gained $0.94 (1.3 percent) to $75.61 per barrel as of 11:23 on NYMEX.

Better than expected report about US unemployment claims also affected gold, decreasing demand for the metal as safe haven and slashing prices. Applications for jobless benefits in the US dropped from 478,000 to 451,000 last week. December futures for gold delivery slipped $12.60 (1 percent) to $1,244.90 per ounce by 11:44 on COMEX.

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

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