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Weaker Dollar Fuels Rally of Commodities

March 12, 2015 at 10:50 by Vladimir Vyun

Commodities rallied during Thursday’s European trading session. Copper, crude oil and gold were among winners. The weakening dollar was the reason for the gains. The outlook for the US currency is bullish, though, meaning that the rally is likely to falter, but for now prices for raw materials move higher.

Copper also rallied on hopes for stimulus in China. Economic data from the Asian nation was poor lately, and market participants expect the government to take measures for reigniting economic growth.

May futures for copper jumped 2.59 percent to $2.6735 per pound as of 10:46 GMT on COMEX today. April gold advanced 0.79 percent to $1,159.70 per troy ounce. Contract for WTI crude oil rose 0.87 percent to $48.59 per barrel on NYMEX. Brent crude rallied 1.34 percent to $58.31 per barrel on ICE.

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

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