Commodities News
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Copper traders and analysts are forecasting an end to the biggest weekly rally since at least 1986 on concern demand will slow in China while Europe’s lingering financial crisis limits growth.
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Fifteen tin producers in Indonesia, the largest shipper of the metal, agreed to extend until the end of the year a ban on exports imposed Oct. 1 to boost prices, said Johan Murod, director at PT Bangka Belitung Timah Sejahtera, a group of six smelters.
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Gold declined from a five-week high on renewed concerns that Europe’s debt crisis will hamper global growth, damping prospects for commodity demand.
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Crude oil futures fell in New York, paring the biggest weekly gain since February, as a drop in Japan’s industrial output prompted traders to lock in profits from yesterday’s rally.