Commodity Blog

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Increase of Copper, Gold & Oil

August 13, 2009 at 19:16 by Vladimir Vyun

Copper rose to 10-months high in New York and London today. The Federal Reserve report that the U.S. economy is reviving caused speculation that demand for the metal will rebound. September delivery for copper gained $0.785 (or 2.8 percent) to $2.902 per pound at 8:24 on the New York Mercantile Exchange’s Comex unit.

Gold gained in New York and London as the dollar slid boosting demand for the metal as hedge against inflation. The dollar slumped 0.9 percent against the euro after the Federal Reserve yesterday promised to keep interest rates low. December futures for gold delivery gained $10.60 (1.1 percent) to $963.10 per ounce as of 8:39 on NYMEX.

Crude oil jumped after Europe’s two largest economies, German and French, grew unexpectedly causing optimism for economic recovery. Another reason for growing prices is the dollar decline against the euro spurring demand for higher-yielding assets such as commodities. September delivery for crude oil climbed $0.83 (1.2 percent) to $70.99 a barrel by 11:21 on NYMEX.

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