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Today We’ve Seen Gains of Crude & Wheat, Losses of Copper

July 20, 2011 at 20:49 by Vladimir Vyun

Crude oil gained as the US inventories declined. US stockpiles of crude fell by 3.7 million last week as refineries operated at 90.3 percent of capacity, the highest rate in 11 months. August for crude oil delivery advanced $0.64 to $98.14 per barrel on NYMEX.

Wheat posted today the biggest gain in a weeks as the dollar weakened and on the forecast that supply from Europe will decrease. Droughts in spring already reduced expected yield in Europe and now heavy rains can harm quality of the grain. September futures for delivery of wheat gained $0.0725 (1 percent) to $7.0075 per bushel by 10:33 on CBoT.

Copper fell today after the report showed an unexpected decline of existing home sales in the US, the biggest consumer of the metal in the world. US existing home sales decreased from 4.81 million to 4.77 million in June. September futures for delivery of copper slipped $0.032 (0.7 percent) to $4.436 per pound as of 13:22 on COMEX.

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

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