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By Benedicte Gravrand, Opalesque London:
September saw stronger commodities, largely on the back of dollar weakness. According to commodity fund house Galena, this applies in particular to gold, which had a stellar month (+5.9%). Crude was only up 0.75% and struggled to make ground as oversupply on distillates put pressure on this sector. Base metals rallied strongly and copper put in new highs before collapsing to finish down 2.2%.
However, risk aversion in the financial markets boosted the dollar yesterday - making commodities more expensive for foreign buyers and thereby lowering commodity prices. It was reported yesterday that the CRB Commodity Index has fallen 1.6% in its worst single-session percentage drop in one month.
For base metal prices, Stock Markets Review reported that copper and zinc retreated from cycle highs, while aluminium and tin reversed from peaks last seen during the summer months. Copper prices jumped to its best since late September 2008, but later reversed to session lows of $6,530 (it was around $3,000 a tonne in January). And
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