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Copper Falls; Soybeans, Hogs Rise on Growing Demand

December 3, 2009 at 23:32 by Vladimir Vyun

Copper tumbled on speculation that the global economic recovery may become slower. Imports of the metal in China, the largest consumer of copper in the world, slid in October for the third time in four months. March delivery for copper slid $0.0065 to $3.252 per pound by 11:39 on the New York Mercantile Exchange’s Comex unit.

Soybeans gained for the first time in three sessions on speculation that global demand for the U.S. oilseed and animal feed increased. Sales grew 58 percent to 27.8 million metric tons since September 1st. January futures for soybean delivery gained $0.0675 (0.7 percent) to $10.4075 per bushel as of 11:52 on CBT.

Hog futures climbed to the weekly high on speculation that a rising prices for U.S. wholesale-pork signaled increasing export demand. Exports are rising as the dollar falls and as countries lift bans on U.S. pork that were put after the swine flu outbreak. February futures for hog settlement climbed $0.003 (0.5 percent) to $0.6695 per pound at 12:21 on CME.

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