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Chinese Demand Aids Soybeans, Copper Rises on Weak Dollar

April 14, 2010 at 20:14 by Vladimir Vyun

Soybeans reached the highest level in seven weeks after the report that China may continue its purchases of supplies from the U.S. The demand for the supplies from the U.S. rose as China stopped the soybean-oil imports from Argentina. The country may import 5.5 million metric tons in the next month. July futures for soybean delivery rose $0.0375 (0.4 percent) to $9.7925 per bushel as of 11:01 on the Chicago Board of Trade.

Copper gained on the weakening dollar and the recovery of the U.S.economy. U.S. retail sales rose in March more than forecast, signaling about the widening economic rebound. The U.S. currency dropped versus the basket of the six major currencies, making commodities more appealing as an inflation hedge. May futures for copper delivery gained $0.0075 (0.2 percent) to $3.608 per pound by 12:10 on NYMEX.

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One Response to “Chinese Demand Aids Soybeans, Copper Rises on Weak Dollar”

  1. Sharon

    I am from China, Soybeans association of China predict that in the future five to 10 years, China will be short of soybeans because the planting area is reducing again and again.


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