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Copper Drops, Corn & Soybeans Resume Decline

July 30, 2014 at 9:09 by Vladimir Vyun

Copper declined today ahead of the Federal Reserve policy meeting and several important macroeconomic reports. It is expected that US economic data will be good, and while it promises increasing demand for industrial metals, it also means stronger dollar. Coupled with the interest rate outlook, this leads to lower value of dollar-priced commodities. September contract for copper fell 0.16 percent to $3.2140 per pound as of 9:00 GMT on COMEX today.

Corn and soybeans resumed decline, falling for the second session today, following the rally at the beginning of this week. Forecasters predict rains in US Midwest, potentially leading to higher yields. Such prospects are bearish for the grains. December futures for corn fell 0.34 percent to $3.6975 per bushel on CBoT today. November soybeans were down 0.55 percent to $10.8900 per bushel.

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