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Coffee & Copper Rises as Dollar Falls

November 9, 2009 at 23:41 by Vladimir Vyun

Coffee rose as speculation that world supply will wane and a dollar will drop makes investor buy commodities to preserve their purchasing power. The dollar dropper to a lowest in 15 months versus a basket of major currencies. Global stockpiles of coffee producers may reach 16 million bags, a record low, as a bad weather in Brazil and Vietnam had negative impact on crops. December futures for Arabica-coffee delivery rose $0.0115 (0.8 percent) to $1.4005 per pound on ICE Futures U.S. in New York.

Copper prices gained the first time in three sessions as the dollar slid boosting demand for the industrial metal. The group of 20 industrial nations agreed to maintain stimulus programs to pull the world out of its great slump. These economic stimulus measures help to support the market and show that G-20 are not concerned about the dollar and will let it to fall even further. December futures for copper delivery gained increased $0.015 (0.5 percent) to $2.9675 per pound on NYMEX.

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