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Energy & Metals Markets Strong Ahead of Fed Meeting

December 16, 2013 at 22:42 by Vladimir Vyun

Both metals and energy markets were strong today even as uncertainty about the upcoming Federal Reserve policy meeting makes traders a bit nervous. The rally of gold was especially surprising considering evidences that investors flee from the gold market. Yet it did not prevent the precious metals from gains today.

Meanwhile, crude oil rallied as Libyan rebels refused to give away three oil ports to the government. Copper advanced as inventories around the world are dwindling. At the same time, signs of recovery in the United States and various other nations suggest that demand for fuel and industrial metals should increase.

February futures for delivery of gold advanced $6.1 (0.49 percent) to $1,240.7 per troy ounce as of 22:35 GMT on COMEX today. January contract for WTI crude oil rose 0.67 percent to $97.25 per barrel on NYMEX, while Brent crude surged 1.51 percent to $110.47 per barrel on ICE. March copper added $0.0115 (0.35 percent) to $3.3235 per pound.

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

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