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Manufacturing in China & Europe Boosts Copper, Weakens Oil

July 1, 2011 at 19:41 by Vladimir Vyun

Oil fell for the first time in four day on the signs of slower manufacturing growth in Europe and China. The slowdown of manufacturing in China was somewhat positive for copper as it spurred speculations that the nation’s central bank will refrain from tightening.

China’s Purchasing Managers’ Index was at the lowest level since February 2009. The Eurozone PMI slumped to the 18-month low. Oil trimmed its losses as the US PMI unexpectedly advanced.

Futures for delivery of copper in September advanced $0.014 (0.3 percent) to $4.2965 per pound by 12:25 on COMEX. August futures for crude oil delivery slipped $0.84 (0.9 percent) to $94.58 per barrel as of 13:27 on NYMEX. August contract for Brent crude fell as much as $1.85 (1.6 percent) to $110.63 on ICE.

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