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Europe’s Trouble Hasn’t Solved, Commodities Suffer

September 19, 2011 at 19:59 by Vladimir Vyun

Most commodities fell today as the European leaders haven’t reached any decision regarding the region’s debt problems. Copper and oil were among losers. Gold gained, as it usually does in times of troubles and uncertainty.

European finance ministers discussed over the weekend the situation with Greece, but haven’t reached any progress in finding appropriate way out of the nation’s debt troubles. Talks about a default in Greece are heard more and more frequently among market participants. The speculation about additional tightening in China also has its negative influence on most markets.

December futures for delivery of copper slid as much as $0.163 (4.2 percent) to $3.7685 per pound on COMEX before trading at $3.7765 per pound by 10:29. October future for for delivery of crude oil dropped $1.61 to $86.35 per barrel, the lowest price since September 12, and traded at $86.85 as of 13:28 on NYMEX. December contract for gold delivery gained $33.30 (1.9 percent) to $1,814.70, the biggest advance since September 8, at 13:49 in New York.

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

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