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Gold Falls & Copper Rises as Fear Abates

July 9, 2015 at 18:57 by Vladimir Vyun

Some commodities rallied today as fears abated on markets. Traders continue to watch the developments in Greece’s story as the nation’s officials negotiate with other eurozone leaders about terms of a bailout package. Meanwhile, Chinese stocks bounced after the recent collapse, giving hope that the measures taken by the country’s authorities to prevent further decline will have the desired effect.

The resulting risk appetite drove copper up, sending gold down at the same time. China is the world’s biggest consumer of copper, making good news from the country especially favorable to the industrial metal. Gold can also profit from the good developments in China as the nations is the major user of the precious metal as well, but for now the lack of haven demand keeps prices for bullion subdued.

August contract for delivery of gold declined 0.34 percent to $1,159.60 per troy ounce as of 18:54 GMT on COMEX today. At the same time, September futures for copper climbed 2 percent to $2.547 per pound.

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

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