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Metals at Multi-Year Lows After Data from Europe & China

July 24, 2015 at 14:05 by Vladimir Vyun

Metals slumped to fresh multi-year lows during today’s trading session, proving that yesterday’s relief rally was unsustainable, as underwhelming economic data from Europe and China fueled concerns about global economic slowdown. Gold hit the lowest price since 2010. Copper sank to the levels not seen since 2009.

The flash Caixin/Markit China Manufacturing Purchasing Managers’ Index dropped unexpectedly in July, reaching the lowest level in 15 months. European PMI reports were not good as well. The depressing indicators suggest lower consumption of metals in the regions that are major consumers.

August contract for gold tumbled 1.16 percent to $1,081.40 per troy ounce as of 14:01 GMT on COMEX today. September silver lost as much as 1.48 percent to $14.44 per ounce. Futures for delivery of copper declined 0.5 percent to $2.3735 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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