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NFP Followed by Rally of Metals & Drop of Crude Oil

October 2, 2015 at 17:42 by Vladimir Vyun

The major event during the Friday’s trading session was the release of US nonfarm payrolls. It sent markets in turmoil as the report was terrible. Not only September’s employment growth of 142,000 missed the analysts’ estimate of 201,000 by a wide margin, the previous month’s increase of 173,000 was revised negatively to 136,000. On top of that, wage growth stalled.

The news had a very different impact on various commodities. Crude oil slid on concerns that problems in the US economy mean lower demand for energy and fuel. At the same time, the awful data means that the Federal Reserve will likely be forced to postpone the start of the monetary tightening cycle. Such view was beneficial to the market of metals.

December futures for delivery of gold climbed 1.98 percent to $1,135.80 per troy ounce as of 17:36 GMT on COMEX today. Silver rallied as much as 4.82 percent to $15.21 per ounce. Contract for copper advanced 0.91 percent to $2.3255 per pound. At the same time, November WTI crude oil slipped 0.29 percent to $44.61 per barrel on NYMEX. Brent crude declined 0.5 percent to $47.45 per barrel on ICE.

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