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Copper Advances; Sugar Drops on Retreating Deficit

April 20, 2010 at 21:27 by Vladimir Vyun

Copper advanced on speculation that the demand for metals will increase as the global economic recovery expanding. The demand surge mainly originates from Asia, particularly China. The Japan’s shipments of wire and cable, made from copper, rose 13 percent in March from the previous year. July futures for copper delivery advanced $0.0175 (0.5 percent) to $3.5355 per pound on NYMEX.

Sugar futures dropped on the outlook for the recovering output in India, the largest consumer and second-biggest producer in the world. Previously sugar rose as the falling production of the sweetener in India resulted in the global deficit, but now the sugar production predicted to rise 24 percent to 23 million metric tons in the season starting October 1st. Analysts say that sugar will trade in a range $0.15-$0.18, yet in a worse case the price may drop to $0.13. July delivery for raw sugar dropped $0.0045 (2.6 percent) to $0.166 per pound on ICE Futures U.S. in New York.

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