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Poor US Economic Outlook Pushes Copper & Oil Down

September 21, 2010 at 18:53 by Vladimir Vyun

Copper prices fell today for the second day on concerns that slower US economic growth would dump demand for the metal. Concerns for the US economic recovery are increasing as the Federal Reserve expected to keep interest rates at current record low levels. Analysts say that China can provide long-term support, but in shorter term weakness of the US economy makes the metal vulnerable to a downside correction. December futures for copper delivery dropped $0.004 (0.1 percent) to $3.5005 per pound as of 9:56 on COMEX.

Oil prices declined today for the fifth time in six sessions on speculations that government report would show lower operational rate of US refineries, signaling about waning demand for crude oil to turn it into fuels. Analysts estimated that US refineries ran at 86.8 percent of capacity last week, the lowest rate in five months. US petroleum stockpiles are near it highest level in 20 years. October delivery for crude oil fell $1.71 (2.3 percent) to $73.15 per barrel by 11:28 on NYMEX.

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