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Crude Declines, Copper Advances, Rubber May Jump After Drop

March 1, 2011 at 1:15 by Vladimir Vyun

Crude oil declined after Saudi Arabia said that it can make up for the supplies lost because of the tensions in Libya. In the meantime, ships continue to pick up cargo in Libya without major disruption. April delivery for crude oil fell $0.02 to $96.95 per barrel, in electronic trading on NYMEX.

Copper gained on the signs of the economic recovery. The Chicago PMI grew again for the seventeenth consecutive month in February, rising to the highest level since July 1988. May futures for copper delivery went up $0.0415 (0.9 percent) to $4.4965 per pound as of 13:27 on COMEX.

Rubber may decline only to rebound and start a new rally. Goldman Sachs Group Inc. predicted that output in Thailand, Indonesia and Malaysia, the biggest producer, won’t be able to satisfy demand for the second year in 2011. Analysts forecast that the prices may climb as much as 32 percent to $7,407 per metric ton by the end of this year.

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

One Response to “Crude Declines, Copper Advances, Rubber May Jump After Drop”

  1. Karolis

    What happened with cocoa (nybot) today? why has it fallen so much to @3200 USD and suddenly jumped back again to 3500-3600 USD.


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