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Agricultural Market Recovers, China’s Growth Helps Copper

July 16, 2014 at 22:33 by Vladimir Vyun

Futures for agricultural commodities recovered from the previous losses today. Corn and soybeans demonstrated biggest gains as reports from the US Department of Agriculture showed strong demand for US exports. The slump of prices also helped to attract traders to the market. December futures for delivery of corn jumped 1.31 percent to $3.8675 per bushel as of 22:21 GMT on CBoT today. November soybeans surged as much as 1.45 percent to $11.0200 per bushel.

Copper rallied today on signs of growth in China, the world’s biggest consumer of the metal. The National Bureau of Statistics reported that China’s economy expanded 7.5 percent in the second quarter of this year from a year ago, a bit faster than in the previous three months. Industrial production demonstrated growth of 9.2 percent in June, which exceeded both forecasts and the May figure. Contract for delivery of copper in three months added 0.11 percent to settle at $7,130 per metric ton on LME today.

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