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Oil & Copper Hit Another Records

February 1, 2011 at 2:37 by Vladimir Vyun

Crude oil surged to the record level in two year and Brent oil rallied above $100 level on the concerns about the unrest in Egypt. More and more people are coming out on streets and the troubles in Egypt can impact traffic through the Suez Canal, which is situated in Egypt. Goldman Sachs Group Inc. estimated that about 2.5 percent of global oil production is shipped through the Suez Canal. Ahmed El Manakhly, the head of traffic for the Suez Canal Authority, claimed that ships currently move through the canal as usual and the volume is “normal”. March delivery for crude oil jumped as much as $2.85 (3.2 percent) to $92.19 per barrel on NYMEX, the highest price since October 3rd, 2008. March contract for Brent oil advanced $1.59 (1.6 percent) to $101.01 per barrel on ICE.

Copper climbed as demand in the US picked up as the economic recovery continues, causing inventories to decline. Personal consumer spending rose 0.7 percent in December, above the median forecast of 0.6 percent — the sign of a recovering economy. LME-monitored stockpiles of copper dropped 1 percent the biggest decline since March 4th. Copper for delivery in three months rose $215 (2.3 percent) to $9,745 per metric ton by 18:22 on LME.

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