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NFP Give Shock to Markets, Mixed Reaction for Commodities

September 5, 2014 at 19:58 by Vladimir Vyun

Markets experienced another shocking event after yesterday’s announcement of monetary easing from the European Central Bank. This time the shocker was the release of US nonfarm payrolls. Economists have counted on solid growth by 226,000, but it turned out that US employment grew by just 142,000 last month.

Commodities reacted differently to the news. Precious metals (with the exception of palladium) rallied, while crude oil fell. Surprisingly enough, copper managed to retain its gains. Usually, bad news leads to rally of safer assets (like precious metals) and fall of growth-related materials (like energy products and industrial metals).

December futures for gold advanced 0.11 percent to $1,267.90 per troy ounce as of 19:52 GMT on COMEX. Contract for silver added 0.22 percent to $19.18 per ounce. Spot price for platinum rose 0.23 percent to $1,409.13, while price for palladium ticked down 0.03 percent to $888.50 per ounce. October futures for delivery of WTI crude oil sank as much as 1.12 percent on NYMEX, and Brent crude lost 1.03 percent to $100.78 per barrel on ICE. Meanwhile, copper contract advanced 0.60 percent to 3.17 per pound on COMEX.

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