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Oil & Gold Falls, While Copper Reaches Another Record

February 4, 2011 at 22:05 by Vladimir Vyun

Crude oil dropped today as US nonfarm payrolls posted a much lower growth than was expected, causing concern that demand in the US, the biggest consumer of fuel, will dwindle. The nonfarm payrolls increased only by 36,000, while an increase by 138,000 was expected. Contract for delivery of crude oil in March dropped $1.51 to $89.03 per barrel on NYMEX.

Gold declined today as the unemployment rate in the US managed to decrease even with the bad payrolls. US jobless rate was predicted to increase, but it dropped instead from 9.4 percent to 9.0 percent. April futures for gold delivery declined $4 (0.3 percent) to $1,349 per ounce as of 13:15 on COMEX.

Copper advanced today to the record on the speculation that demand will continue to grow with the global economic recovery, while output will lag behind increasing consumption. Barclays Capital predicted that the world supply deficit will reach 822,000 metric tons this year. March futures for copper delivery gained $0.035 (0.8 percent) to $4.5795 per pound by 13:26 on COMEX after reaching earlier a record $4.614.

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

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