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Crude Oil & Copper – Another Losers Because of Fed

October 31, 2013 at 20:52 by Vladimir Vyun

The commodity market remained subdued after yesterday’s statement of the Federal Reserve that was more optimistic than traders have counted on. Copper and crude oil were among losers today. It is not likely that the Fed will be able to taper quantitative easing this year, but tapering at the beginning of next year looks more probable now. Such prospect is not good for raw materials.

Crude also fell as US inventories swelled. The stockpiles expanded by 4.1 million barrels last week, according to yesterday’s report, while the projected increase was at 1.9 million. Supply also grew, adding to pressure on prices.

December futures for delivery of copper slid $0.028 (0.84 percent) to $3.2975 per pound as of 20:48 GMT on COMEX today. December WTI crude oil fell $0.51 (0.53 percent) to $96.26 per barrel on NYMEX. Contract for Brent grade of crude went down $1.16 (1.06 percent) to $108.70 per barrel on ICE.

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