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Unfavorable Day for Copper, Gold & Crude Oil

March 28, 2011 at 23:36 by Vladimir Vyun

Copper declined today on the speculation that demand from Japanese car-makers will fall. The earthquake on March 11 and the subsequent tsunami and the radiation leak from the damaged nuclear power plant have put strain on Japan’s economy and decrease demand for automobiles in Japan. May futures for copper delivery dropped $0.069 (1.6 percent) to $4.35 per pound as of 13:12 on COMEX.

Gold weakened today on the signs of the economic recovery on the US. The report today showed that the income and spending of the US consumers increased in February, while the nonfarm payrolls later this week is expected to show a significant increase of the employment. The good economic fundamentals erode demand for the precious metal as a safe haven. June futures for gold delivery went down $6.30 (0.4 percent) to $1,421.30 by 13:30 on COMEX.

Crude oil fell today on the outlook that the disaster in Japan and the sovereign-debt crisis in Europe will diminish demand for the fuel. Crude also dropped on the hopes that the military success of the rebels in Libya will bring closer the end of the conflict and will remove the uncertainty about supplies of oil from the country. May futures for crude oil delivery weakened by 0.9 to $104.50 per barrel in electronic trading on NYMEX.

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

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