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Positive Trading Session for Copper, Gold, Natural Gas, Silver

February 17, 2014 at 23:42 by Vladimir Vyun

Gold rose today, and silver was heading for the longest rally in more than four decades. The weakness of the US currency, caused by last week’s negative data from the United States, allowed dollar-priced commodities to gain. The poor reports also increased demand for precious metals as a safe investment. April futures for delivery of gold advanced $10.3 (0.78 percent) to $1,328.9 per troy ounce as of 23:32 GMT on COMEX today. March silver surged $0.39 (1.84 percent) to $21.82 per ounce.

Copper also managed to log gains on good news from China. New bank lending reached the highest level since 2010 last month in the Asian country, giving evidences of sustainable economic growth. China is the biggest consumer of the industrial metal in the world, therefore good data from the country is very supportive for the copper. Contract for delivery of the metal added $0.0160 (0.49 percent) to $3.2805 per pound today.

Natural gas surged of forecasts of a winter storm in the USA. Expectations of heavy snow and cold weather boosted prices for gas. Falling supply and shrinking inventories helped the commodity even more. Natural gas was up $0.26 (4.95 percent) to $5.47 per million British thermal units on NYMEX today.

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

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