Commodities News
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Speculators boosted their wagers on higher commodity prices for the first time in five weeks as increasing confidence that the global economy will avoid another recession spurred the biggest rally of the year.
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Crude oil slipped from the highest price in a month after Germany said European Union leaders won’t provide a complete fix to the region’s debt crisis, damping hopes for a quick rescue plan.
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Gold futures fell from a three-week high as the dollar’s rally reduced demand for the precious metal as an alternative asset. Silver also dropped.
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Rio Tinto Group, the world’s second- biggest mining company, plans to sell 13 aluminum assets, including smelters and alumina plants from Australia to the U.S., to improve the group’s financial performance.