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Copper Gains, Wheat Drops on Demand Outlook

December 4, 2014 at 12:15 by Vladimir Vyun

Copper rallied today on hopes that economic growth in the United States will lead to higher demand for the metal used in industry and construction. A private report demonstrated robust growth of employment in the United States. It is expected that tomorrow’s government data will also show strong performance of the US labor market. Futures for delivery of copper in March gained 0.96 percent to $2.8995 per pound as of 12:07 GMT on COMEX today.

Meanwhile, wheat demonstrated sharp drop on speculations that the recent rise of prices will deter traders from purchasing the commodity. Futures gained earlier due to rumors that Russia is going to limit exports of the grain. Russia is the world’s third biggest wheat exporter. March contract for wheat lost as much as 1.91 percent to $5.7825 per bushel on CBoT today.

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