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Metals Hurt by China’s Poor Data

November 11, 2015 at 20:16 by Vladimir Vyun

Gold traded near the lowest level in three months and other precious metals also dropped due to poor economic data from China. Surprisingly enough, losses of copper were rather limited.

According to the report released today, China’s industrial production expanded 5.6 percent in October, missing analysts’ estimates. Released earlier this week, inflation data showed that consumer prices were rising slower than anticipated while producer prices remained in deflation. China is one of the biggest consumers of metals, and its slowing economic growth does not promise anything good for the market.

Last week, positive jobs data from the United States provided yet another hit to the commodity market.

Futures for delivery of gold in December slid 0.41 percent to trade at $1,084 per troy ounce as of 20:13 GMT on COMEX today. Silver declined 0.46 percent to $14.29 per ounce. Meanwhile, prices for copper were down just 0.05 percent to $2.2165 per pound.

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