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Oil & Copper Decline as Demand Decreases

November 10, 2010 at 7:40 by Vladimir Vyun

Oil fell below $87 after the dollar rallied, decreasing demand of raw materials, and as demand for gasoline slowed in the US. The dollar advanced 1.1 percent to 1.390 per euro yesterday. Oil also weakened on renewed concerns for Europe’s economy. The December contract for oil rose $0.09 to $86.81 per barrel on NYMEX, after dropping $0.42 (0.5 percent) to $86.30 earlier.

Copper dropped as imports in China decreased. China imported 273,511 tons of copper in October. That’s 26 percent less than in the month before and 4 percent less than a year ago. December delivery for copper dropped 1.6 percent to $3.9780 per pound on COMEX.

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

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