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Greece Hurts Copper, Helps Gold. Wheat Retreats from Highs

June 25, 2015 at 10:51 by Vladimir Vyun

Gold ticked up a little while copper declined as negotiations between Greece and its creditors continue on Thursday. The deadline for debt repayment is very close, and the default and the exit from the eurozone look rather probable unless a last-minute deal will be made. The resulting aversion to risk among market participants hurt prices for metals, though gold got some support from it as a safe asset. August contract for gold edged up a little by 0.06 percent to $1,173.60 per troy ounce as of 10:40 GMT on COMEX today. At the same time, futures for delivery of copper in September dropped 0.81 percent to $2.6055 per pound.

Futures for wheat retreated from the two-week high today. Still, analysts think that prices will not fall far as data from the US Department of Agriculture showed that the quality of the crop continues to deteriorate. This should be bullish for the grain. September wheat slid 0.48 percent to $5.2075 per bushel on CBoT today. Yesterday, the contract climbed to $5.30 — the highest price since June 10, though it settled below the opening level.

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