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Metal Prices Under Pressure

July 5, 2013 at 0:24 by Vladimir Vyun

Copper fell today on concerns about China’s economic growth. The Asian nations is the biggest consumer of the metal, therefore news from the country strongly affect the industrial metal. Recent reports were not particularly good and some experts argue that China will not be able to reach the 7.5 percent growth target.

Gold and silver prices were also under pressure. Both the European Central Bank and the Bank of England suggested that their interest rates will be low for some time. Such comments drove the euro and the sterling down, bolstering the dollar at the same time. Prices for precious metals are usually inversely correlated with the strength of the US currency.

Contract for delivery of copper in September lost $0.0295 (0.93 percent) to $3.1450 per pound as of 00:16 GMT on COMEX today. August futures for gold dropped $3.10 (0.25 percent) to $1,248.80 per troy ounce. September silver was down $0.18 (0.89 percent) to $19.53 per ounce.

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

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