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Greece & China Continue to Drive Commodities Down

July 7, 2015 at 16:52 by Vladimir Vyun

Commodities, including crude oil, were falling today, driven down by the ongoing crisis in the European Union and Greece in particular. Unlike yesterday, gold was also among losers, demonstrating a big drop. Copper was among the worst performers, falling more than 4 percent.

Greece was not the only source of bad news lately as China had also its share of troubles. The most important of the latest developments was the crash of the Chinese stock market after the government took steps to deregulate it. The Asian nation is the world’s second biggest economy and one of the largest consumers of raw materials.

August futures for delivery of gold sank 1.42 percent to $1,156.50 per troy ounce as of 16:49 GMT on COMEX today. September copper tumbled as much as 4.43 percent to $2.4255 per pound. Futures for delivery of WTI crude oil in August declined 0.99 percent to $52.01 per barrel on NYMEX.

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

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