Saturday, July 6, 2013

Copper Falls on strong dollar & Weak Industrial Demand || Crude Oil jumps $2 on Egypt, U.S. data, biggest weekly gain in a year

Copper fell for a second day on Friday, under pressure from a stronger dollar after data showed U.S. employers added more jobs than expected in June and on worries over economic growth prospects in China and Europe. Three-month copper on the London Metal Exchange (LME) ended at $6,780 a tonne, down more than 2 percent from $6,950 at the close on Thursday. It had earlier dipped to a session low of $6,730 a tonne. Other metals also fell sharply, with nickel dropping to a four-year low.
Copper MCX Tips
Crude Oil prices jumped nearly $2 a barrel on Friday to notch their biggest weekly gain in a year, boosted by concerns over rising tensions in Egypt and better-than-expected U.S. economic data. U.S. crude oil prices extended their string of 14-month highs. Front-month U.S. crude oil futures settled $1.98 per barrel higher, or 1.96 percent, at $103.22, after touching a high of $103.32. U.S. oil gained 6.7 percent for the week, the largest weekly percentage gain since October 2011.


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