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Copper futures | Gold futures | Crude oil

Copper futures end lower on weak Chinese data

Copper futures ended lower on Wednesday after soft economic data from the top metals consumer China. China reported the worst-ever monthly sales drop in the world’s largest car market while factory inflation slowed in May as faltering manufacturing hit demand. Though, some losses were capped by hopes for more stimulus from China.

Copper futures for July delivery fell 0.7 percent to settle at $2.654 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange closed down 0.4 percent at $5,852 per tonne.

Gold futures settle higher on Wednesday

Gold futures settled higher on Wednesday, owing to weakness in dollar with investors eyed on a Federal Reserve’s interest rate cut this year amid concerns about waning global economic growth. Besides, risk aversion among investors weakened the global equities lifting more safe heaven bullion investments.

Gold futures for August delivery settled 0.4% higher at $1,336.80 an ounce on the Comex division of the New York Mercantile. Spot gold was trading 0.5% higher at $1,332.77 per ounce.

Crude oil futures end sharply lower as US crude supplies climb

Crude oil futures ended sharply lower on Wednesday as US crude supplies rose a second week in a row and concerns about energy demand persisted on the back of growing US-China trade tensions. The Energy Information Administration (EIA) reported that US crude supplies climbed by 2.2 million barrels for the week ended June 7. Analysts polled by S&P Global Platts expected a modest increase of 80,000 barrels for crude stocks, on average. The American Petroleum Institute on Tuesday reported a nearly 4.9 million-barrel rise. Trade tensions continue to be a major concern, linked to a potential slowdown in energy demand growth. President Donald Trump said he has got a feeling the US and China will reach a trade deal, but held out the possibility of more tariffs on Chinese goods without one.

Benchmark crude oil futures for July dropped $2.13 or 4 percent to settle at $51.14 a barrel on the New York Mercantile Exchange. August Brent declined $2.32 or 3.7 percent to settle at $59.97 a barrel on London’s Intercontinental Exchange.

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