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Copper Rallies, Corn at 33-Month High, Wheat Gains

April 7, 2011 at 18:19 by Vladimir Vyun

Copper rallied today as concerns that demand may outpace supply outweighed the impact of another earthquake in Japan. Rio Tinto Group predicted that the shortage may increase to somewhere between 400,000 and 500,000 tons this year. Gains may still be limited after Japan was hit by the 7.1-magnitude earthquake today. May futures for copper delivery gained $0.0475 (1.1 percent) to $4.4175 as of 12:41 on COMEX.

Corn jumped to the highest level since 2008 and wheat headed for the biggest weekly gain this year today on concerns that adverse weather in the US may hurt harvest. Some parts of the US have cool wet weather and even snow that can slow planting of corn. Yet other regions have drought that is bad for wheat. May contract for corn delivery rose $0.0625 (0.8 percent) to $7.6925 per bushel by 12:51 on CBoT after touching $7.7325, the highest price since July 3, 2008. July delivery for wheat advanced $0.0375 (0.5 percent) to $8.22 per bushel. The grain rose 8.2 percent so far this week.

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