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Poor US Macroeconomic Data Hits Commodities Hard

May 17, 2011 at 22:18 by Vladimir Vyun

The macroeconomic data signaled that the US economy is stalling and that send commodities tumbling. Copper and crude oil suffered and even gold slid.

The number of housing starts in the housing starts declined to 523,000 in April, while it was 585,000 in March. Forecasts predicted an increase to 580,000. The New York Manufacturing Index slumped to 11.9 in May from 21.7 in April, while it was expected to stand at 20.7.

The reports hit hard commodities across the board. The Thomson Reuters/Jefferies CRB Index of 19 raw materials dropped for the third consecutive day.

June contract for delivery of crude oil went down $0.46 to $96.91 per barrel on NYMEX. Futures for delivery of gold in June dropped $10.60 (0.7 percent) to $1,480 per ounce by 14:00 on COMEX. Delivery for copper in three months slid $40 (0.5 percent) to $8,799 per metric ton on LME as of 18:05.

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