GOLD rallies above $1,000
LONDON - Gold rallied above $1,000 (U.S.) an ounce on Wednesday, as U.S. dollar weakness helped the metal stay on track for its best quarterly performance since early 2008.
Spot gold stood at $1,000.70 per troy ounce by 0954 GMT, compared with $990.70 quoted late in New York on Tuesday, as the dollar fell against a basket of major currencies.
U.S. COMEX gold futures for December were up $7.70 at $1,002.1.
A weaker dollar makes gold and other commodities priced in the U.S. currency cheaper for non-U.S. investors.
Among other precious metals.
Silver traded at $16.42 from $16.11, platinum was at $1,284.5 from $1,267 and palladium traded at $289.5 from $285.
Copper up as dollar dips
LONDON - Copper rose to a near one-week high on Wednesday as the U.S. dollar fell and industrial metals investors closed positions ahead of the end of the quarter and Chinese holidays.
By 0907 GMT, copper for three month delivery on the London Metal Exchange rose to $6,135 (U.S.) a tonne from $5,980 at the close on Tuesday. It earlier touched a session high at $6,143.75 - a level not seen since Sept. 24.
Chinese markets will shut on Oct. 1 for National Day and Autumn Festival celebrations. Investors, recalling last year's tumultuous slide in London during the holiday, are closing out positions.
The U.S. dollar slipped against the yen as Japanese exporters sold the U.S. currency to settle business before the quarter ends.
Rising inventories have added to the negative sentiment, and on Wednesday the latest LME data showed copper stocks rose 1,425 tonnes to 345,650 tonnes - its highest level since mid-May.
In other metals, aluminum gained to a $1,882.75 from $1,852. LME stocks in aluminum, used in transport and packaging, rose 3,075 tonnes to remain near record levels near 4.6 million tonnes.
Steel making ingredient nickel traded at $17,500 from $17,145 while battery material lead was at $2,290 from $2,232. Zinc traded at $1,929 a tonne from $1,883 and tin edged up to $14,600 from $14,400.
Oil nears $68 a barrel
Strengthening stock markets in Europe helped push oil prices to near $68 (U.S.) a barrel Wednesday despite data showing U.S. crude inventories rose for a third week, suggesting consumer demand remains weak.
By midday in Europe, benchmark crude for November delivery was up $1.08 at $67.79 in electronic trading on the New York Mercantile Exchange. The contract fell 13 cents to settle at $66.71 on Tuesday.
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