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Prices for Copper & Crude Fall on Poor Market Sentiment

June 25, 2013 at 2:14 by Vladimir Vyun

Copper dropped today as inventories monitored by the London Metal Exchange climbed to the highest since June 2003. Fear of slowing growth in China also weakened the metal. Another negative factor for the commodity was the last week’s comments by the Federal Reserve and its Chairman Ben Bernanke. September futures for delivery of copper were down $0.0195 (0.64 percent) to $3.0090 per pound as of 2:06 GMT on COMEX today.

Crude oil demonstrated losses too. The market sentiment was not good after the Fed’s meeting, reducing commodity prices. Earlier, crude rallied as Enbridge Inc. had to shut three pipelines in Alberta due to a leak. August futures for WTI crude oil lost $0.39 (0.41 percent) to $94.79 per barrel on NYMEX. Contract for Brent crude subtracted $0.24 (0.24 percent) to $100.92 per barrel on ICE.

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