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Copper, Corn, Soybeans, Wheat Rise

December 11, 2009 at 23:39 by Vladimir Vyun

Copper prices jumped as the imports of the metal in China increased with rising country’s industrial output. Factory output in China rose 19 percent from a year earlier. March futures for copper delivery climbed $0.03 (1 percent) to $3.133 per pound on the New York Mercantile Exchange’s Comex division.

Corn and soybeans went up on expectations that rebounding economy in China may spur demand for food and animal feed. Analysts say that Chinese gross domestic product will rise 9.3 percent in 2010. March delivery for corn went up $0.08 (2 percent) to $4.01 per bushel by 12:16 on CBT.

Wheat prices increased on forecast that crops in Russia and Ukraine will be damaged by cold because of a lack of snow cover. Russia, Ukraine and Belarus have received less than 50 percent of normal rainfall the past 45 days and above-normal temperatures melted protective snow cover, leading to significant harm to plants by freezing temperatures next week. March futures for wheat delivery added $0.01 (0.2 percent) to $5.38 per bushel as of 12:56 on CBT.

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