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Crude & Gold Gain on Economic Fundamentals, Copper Slips

June 10, 2011 at 2:42 by Vladimir Vyun

Crude oil advanced to the highest price this month after the Organization of Petroleum Exporting Countries members didn’t reached agreement about the production targets and as the US trade balance deficit unexpectedly shrank. The US trade balance posted a deficit of $43.7 billion in April, the smallest deficit since December. July contract for crude oil delivery rose $0.12 to $102.05 per barrel in electronic trading on NYMEX.

Gold gained on the speculation that the European sovereign-debt crisis may worsen. The European Central Bank maintained its key interest rate unchanged, while the trade balance of Germany and France worsened. Spot price was $1,543.88 per ounce, rising 0.1 percent over the week.

Copper went down on concern that demand will wane as central banks worldwide will increase interest rates to battle inflation. The industrial metal was softer as manufacturing declined in the US and China, two biggest consumers in the world. July contract for delivery of copper fell $0.001 to $4.1075 per pound by 13:16 on COMEX.

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