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Gold & Copper Rally on US NFP, Natural Gas Retreats

February 8, 2014 at 2:01 by Vladimir Vyun

Gold futures rallied after US nonfarm payrolls disappointed. Employment grew 113,000 in January, trailing the consensus forecast of 185,000. It is thought that US employers should add 200,000 per month for sustainable economic growth. April futures for delivery of gold advanced $5.7 (0.45 percent) to close at $1,262.9 per troy ounce on COMEX.

Copper rallied after the employment data too. The industrial metal advanced also on signs of increasing demand for China and declining stockpiles. Inventories monitored by the London Metal Exchange shrank by 16 percent this year, reaching the lowest level since December 2012. March futures for copper were up 0.2 percent to settle at $3.236 per pound.

Meanwhile, natural gas was falling on weather forecasts. It looks like below-norm temperatures in the United States will reach usual levels for this time of the year by the start of the next week. Previously, prices were rising due to cold weather but are falling now without such supporting factor. March contract for natural gas declined $0.156 to $4.775 per million British thermal units on NYMEX.

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