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Copper Gains on China’s Stimulus, Soybeans Retreat

March 16, 2015 at 18:22 by Vladimir Vyun

Futures for copper rose a little today on hopes that China’s policy makers will stimulate nation’s faltering economic growth. Premier Li Keqiang was speaking at a press-conference on the weekend, saying that authorities “did not resort to massive stimulus measures” previously, and this means that there is an “ample room to exercise macro-economic regulation.” Copper also followed gold in gains on the back of the dollar’s weakness. Contract for delivery of the metal in May ticked up 0.08 percent to $2.6655 as of 18:10 GMT on COMEX today, rising as high as $2.6840 intraday.

Meanwhile, prices for soybeans dropped due to the outlook for ample supply. The forecast from the US Department of Agriculture predicted an increase of global oilseed stocks, unlike predictions for other grains that promised a decrease of inventories. It is hard for consumption to catch up with growing output, making traders less interested in buying soybeans. Futures for delivery of the grain in May fell 0.39 percent to $9.7025 per bushel on CBoT today.

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