Commodity Blog

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Prices for Oil, Gold & Silver Drop, Prices for Copper Rise

April 13, 2011 at 1:05 by Vladimir Vyun

Crude oil fell as the International Energy Agency said that the high fuel price will hurt the global economic growth. The prices slipped as slower growth means lesser demand for fuel. May contract for crude oil delivery fell $0.63 (0.6 percent) to $105.62 per barrel on NYMEX.

Slower economic growth also means lesser inflation pressure and that lead to decline of gold as an inflation hedge. June futures for gold delivery slid $14.50 (1 percent) to $1,453.60 by 13:50 on COMEX. May contract for silver delivery subtracted as much as $0.546 (1.3 percent) to $40.066 per ounce.

Still, there are investors who expect strong growth of the global economy and their positive outlook allowed copper to rebound. Copper for delivery in three months added 0.3 percent to $9,658 a metric ton on LME.

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