David Lennox News
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Copper rebounded from a one-month low after Freeport-McMoRan Copper & Gold Inc. declared force majeure on shipments from the world’s second-biggest mine of the metal in Indonesia. Industrial metals advanced.
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Gold traded near the lowest price in more than two weeks on speculation central banks will refrain from adding more stimulus to bolster global growth.
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West Texas Intermediate swung between gains and losses near the highest price in a week before data that may show U.S. crude stockpiles shrank. OPEC will probably keep its output quota unchanged this week.
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Brent crude dropped for a third day, to its lowest intraday price in three weeks as manufacturing in China shrank and U.S. gasoline stockpiles increased.
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Gold and silver futures resumed slumps on speculation that the Federal Reserve may scale back U.S. debt purchases, curbing demand for the precious metals as a store of value.
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West Texas Intermediate gained after falling for the fifth time in six days amid signs of economic weakness in the U.S. and Europe.
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Brent futures dropped for a second day after industry data showed U.S. crude inventories climbed for a second week.
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West Texas Intermediate fell, heading for a monthly decline before a report that may show U.S. crude inventories at a two-decade peak.
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Copper retreated after the biggest monthly loss since May last year as China’s manufacturing expanded at a weaker pace in April, increasing concern that slowing growth will curb demand from the biggest consumer.
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South Korea joined Russia and Kazakhstan in boosting gold holdings, even as the metal had its worst start to a year since 1991 and billionaire investor George Soros cut his stake in the biggest bullion exchange-traded fund.
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