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Japan in Recession, Copper & Crude Oil Decline

November 18, 2014 at 0:30 by Vladimir Vyun

Crude oil and copper declined today as Japan’s economy made an unpleasant surprise for traders, slipping into recession. Japan’s gross domestic product dropped 0.4 percent in third quarter of this year while analysts have predicted an increase by 0.5 percent. This was the second quarterly decline, meaning that the economy is officially in recession. Japan is the third biggest consumer of crude and the fourth largest user of the industrial metal.

Macroeconomic data from the United States was not helpful either as US industrial production declined unexpectedly. It potentially means lower demand for copper.

December futures for crude oil slipped 0.24 percent to $75.46 per barrel as of 00:27 GMT on NYMEX today. January contract for Brent crude was down 0.13 percent to $79.31 per barrel on ICE. Copper for delivery in March lost 0.26 percent to $3.0305 per pound on COMEX.

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