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Week Starts with Losses for Commodity Market

August 31, 2015 at 10:41 by Vladimir Vyun

The trading week has started with losses for commodities. There were plenty of reasons for raw materials to perform poorly. Concerns about faltering economic growth of China were one of them. Renewed speculations about an interest rate hike from the Federal Reserve were another. And the less-than-optimistic tone of the latest Jackson Hole symposium just added to the pressure on the commodity market.

Crude oil has its own specific reason for a drop, which explains why crude fell harder than other commodities. The said reason was the continuing growth of the number of US rigs as was reported by Baker Hughes. It is true that the growth last week was minimal, but it was enough for traders to start speculating that the market is ready to return to a bear mode.

December contract for delivery of gold slipped 0.12 percent to $1,132.6 per troy ounce as of 10:37 GMT on COMEX today. Futures for copper fell 1.28 percent to $2.316 per pound. October Brent crude plunged 2.52 percent to $48.79 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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