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Cocoa Gains on Slower Production, Copper Rises on Demand

July 7, 2010 at 19:42 by Vladimir Vyun

Cocoa rose in New York today for the first time in three sessions as rainfalls slowed production in Ivory Coast, the biggest producer in the world. Prices may rise further in New York after the dollar weakened today. September delivery for cocoa gained $13 (0.4 percent) to $2,980 per metric ton at 9:38 on ICE.

Copper prices rose in New York today for the third consecutive session as rising equities and decreasing stockpiles promised steady demand. The LME-monitored inventories fell for the 14th session to the lowest level since November 30th. The MSCI World Index of shares rose for the second day, signaling about the improving global economic outlook. September futures for copper delivery gained $0.047 (1.6 percent) to $3.018 per pound as of 10:52 on COMEX.

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