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Europe & China Help Gold, Hurt Copper & Crude

July 11, 2011 at 23:48 by Vladimir Vyun

Crude oil and copper declined, while gold rose above $1550 per ounce, on concerns about the debt crisis in the European Union. The speculation that China will take additional measures to stem inflation also affected markets.

Worries about Greece still haunts markets, but now attention is turning to Italy. The country may require a bailout too, and some economists say that the EU would be required to double the size of its rescue fund to help Italy.

Crude dropped further as China’s oil imports dropped 10 percent in June to the lowest level in eight months.

August futures for delivery of gold gained $7.60 (0.5 percent) to $1,549.20 as of 13:40 on COMEX after reaching earlier $1,557.60, the highest price since June 22. Futures for delivery of copper in September dropped $0.044 (1 percent) to $4.368 by 13:12, posting the biggest drop since June 27. August futures for delivery of crude oil subtracted $1.05 to $95.15 per barrel on NYMEX, the lowest level since July 1.

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

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