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Gold & Oil Gains, While Copper Retreats After Rally

May 19, 2011 at 1:40 by Vladimir Vyun

Crude oil rose above the $100 level as the US inventories remained unchanged. The US stockpiles of crude were unchanged last week, while they were expected to increase by 1.4 million barrels. June contract for crude oil delivery was at $100.07 per barrel on NYMEX, following the advance by $3.19 to $100.10.

Copper dropped as trades were taking profit from the biggest advance in two months. The contract for delivery of copper in three months dropped 0.2 percent to $9,046 per metric ton on LME after it jumped 3 percent on the previous trading session, posting the biggest gain since March 17.

Gold rose on signs that the global inflation accelerates, lead by food prices. The rally of other commodities also helped the yellow metal. The Thomson Reuters/Jefferies CRB Index of 19 raw materials climbed as much as 2.6 percent. June futures for gold delivery gained $15.80 (1.1 percent) to $1,495.80 per ounce as of 13:43 on COMEX.

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