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Today in Metals: Aluminum Jumps, Gold & Silver Rise

July 21, 2014 at 23:47 by Vladimir Vyun

Futures for aluminum rallied in London on sings of a potential shortage. Specialists predict that there will be a deficit of the metal this year, and it will widen next year. Inventories tracked by the London Metal Exchange sank 9.4 percent in 2014 to the lowest level in almost 2 years. Futures for delivery of aluminum jumped 1.97 percent to $2,020 per metric ton as of 23:29 GMT on LME today.

Gold and silver continued to rise today as geopolitical tensions resulted in risk premium. US Secretary of State John Kerry said that there are evidences that the rocket that shot down the Malaysian plane over Ukraine was created in Russia. Meanwhile in Gaza, the death toll continues to rise due to escalating violence. According to reports, 565 Palestinian were killed, while Israel lost 25 soldiers. December futures for gold rose 0.24 percent to $1,314.10 per troy ounce on COMEX today. September silver gained 0.31 percent to $20.95 per ounce.

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