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Hopes for Stronger Demand Boost Prices for Copper & WTI Oil

November 8, 2013 at 3:13 by Vladimir Vyun

Copper rose today as China’s imports increased, promising steady demand for the industrial metal. Imports were up 7.6 percent in October from a year ago, exceeding analysts’ estimates of 7.4 percent. Stable growth of the Asian economy means demand for the metal used in construction and manufacturing. Meanwhile, global inventories were dwindling. December contract for delivery of copper advanced $0.0095 (0.29 percent) to $3.2580 per pound as of 3:01 GMT on COMEX today.

West Texas Intermediate crude oil gained as US economic growth accelerated and exceeded forecasts. US gross domestic product grew 2.8 percent on the third quarter of 2013 after expanding 2.5 percent in the preceding quarter. The median forecast promised just 2.0 percent growth. The United States is the biggest oil consumer in the world. December futures for WTI crude rose $0.36 (0.38 percent) to $94.56 per barrel on NYMEX today.

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