Dhaka, Bangladesh (BBN)- Copper rose to a two month high on recovery optimism. The metal, primarily used for wiring and pipes, rose as high as USD 4,710 on gaining equity markets and wider expectations of renewed demand.
Crude prices initially advanced on USD’s fall to a two month low against the EUR, according to reports.
However oil prices pared its earlier gains after Saudi Arabia’s oil minister said that OPEC doesn’t need to cut output.
The slump in crude prices was also fueled by slumping equities on concerns that higher borrowing costs might hinder economic recovery. Losses in USD also saw gold trade around the highest level in two months, rising to USD 961.33 as investors turned to the precious metal as a store of value.
BBN/SS/SSR/AD-29May09-8:46 pm (BST)
