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Oil Drops on China’s Slowdown, Copper Ignores Concerns

December 31, 2011 at 5:18 by Vladimir Vyun

Oil fell as China’s manufacturing decline. The HSBC/Markit China Manufacturing PMI fell from 49.0 to 48.7 in December. A value below 50.0 indicates contraction. Europe also continued to hurt commodities. February futures for delivery of crude oil fell $0.82 to $98.83 per barrel on NYMEX. Brent fell from $108.04 to $107.76 per barrel on ICE.

Copper performed better on hopes that the US economic growth would outweigh the problems in Europe and the slowdown in China. The US PMI is expected to post a positive reading next week. The US economy grew 1.8 percent this year and analysts predict that it’ll expand 2.1 percent in 2011. Copper advanced from $3.4220 to $3.4315 per pound on COMEX.

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