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Copper and Cocoa Fall

December 17, 2009 at 21:20 by Vladimir Vyun

Copper slid to the three-weeks low today on speculation that global economic recovery may be slow. U.S. unemployment rate unexpectedly increased last week, causing concern that the recovery may slow. Copper also fell after the dollar climbed as much as 1.1 percent, eroding appeal of commodities as alternative assets. March delivery copper slid $0.064 (2 percent) to $3.1415 per pound as of 10:49 on NYMEX.

Cocoa tumbled to the five-weeks low in New York today after the dollar strengthened, cutting the demand for some commodities as an inflation hedge. Analysts think that “there is potential for prices to go up” as “demand is coming back into the market”. March futures for cocoa delivery dropped $77 (2.2 percent) to $3,421 per metric ton by 11:18 on ICE Futures U.S. in New York.

If you have any questions and comments on the commodities today, use the form below to reply.

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