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Copper Shows Losses, Grains Fare Better

June 30, 2015 at 0:54 by Vladimir Vyun

Futures for copper were under pressure due to the situation in Greece that hurt most commodities. China, the biggest consumer of the metal, took a surprise steps to boost its economy by reducing interest rates and loosening reserve requirements ratio for banks. Usually, news about economic stimulus in the Asian nations helps the industrial metal, but this time it was not the case, at least so far. September contract for delivery of copper traded 0.04 percent lower at $2.6325 per pound as of 00:42 GMT on COMEX today.

Meanwhile, grains continue to rally following last week’s gains as weather in the United States remains adverse to crops. The National Weather Service reported that up to six times the normal level of precipitations was recorded in the US Midwest over the course of the past two weeks. Moreover, forecasts promised more rains in the coming days. September futures for corn advanced 0.64 percent to $3.945 per bushel on CBoT today. November contract for soybeans gained 0.46 percent to $9.845 per bushel. Futures for delivery of wheat in September were up 0.3 percent to $5.8525 per bushel.

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