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Sentiment Pushes Gold Up & Copper Down, Wheat Drops

March 14, 2014 at 5:55 by Vladimir Vyun

The current environment on the markets was not favorable to the risk sentiment, giving boost to gold as a safe investment and pushing copper down. Tensions about Crimea intensify as the region is preparing for a referendum regarding secession from Ukraine. Data from China was not particularly good recently, adding to concerns about slowdown of the second biggest economy in the world and its impact on the global economic conditions. April futures for delivery of gold ticked up $0.5 (0.04 percent) to $1,371.0 per troy ounce as of 5:46 GMT on COMEX today. May copper dropped as much as $0.0415 (1.4 percent) to $2.9205 per pound.

Wheat retreated today on speculations that the recent rally was excessive and might not be supported by actual demand. There are talks that any disruption of supply because of the situation in Crimea would not affect total exports from Ukraine very noticeably. Additionally, specialists say that US exports should make up for any reduction of Ukrainian output. May contract for delivery of wheat declined $0.01 (0.15 percent) to $6.7275 per bushel on CBoT today.

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