Daniel Briesemann News
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Copper rose for a second day in London before a report predicted to show economic growth sped up in the U.S., the world’s second-biggest consumer of the metal.
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Gold in exchange-traded funds and products plunged $20 billion and is heading for the biggest monthly drop ever after central bank easing and slumping global economic growth failed to avert a bear market in the metal.
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Copper reached a nine-month low in London as commodities fell after economic growth was weaker than estimated in China, the world’s biggest consumer of raw materials from industrial metals to soybeans.
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Gold traders are split on whether bullion will plunge into its first bear market since 2008 as economies improve or rally as central banks buy more debt.
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Mongolia raised its gold reserves for a third month to the highest in more than four years in February as the metal capped its longest monthly losing streak since 1997.
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Aluminum and nickel rose in London, leading gains by industrial metals amid strengthening European equities and signs of demand.
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Nickel extended the biggest weekly drop since 2011 in London and aluminum fell after figures showed manufacturing is expanding at the slowest pace in four months in China, the world’s largest consumer of the metals.
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Copper traders are the most bullish in 15 months on mounting confidence that the U.S. economy will rebound at a time when China’s recovery is gaining momentum.
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Gold, trading near a record in London, may climb on concerns over the strength of the U.S. economic rebound and rising inflows into exchange-traded products. Silver pared gains after advancing to a 30-month high.
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Tin rose to a record in London as declining stockpiles and mining disruptions heightened speculation that supplies won’t be adequate for demand.
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