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Copper & Soybeans Start Week with Massive Rally

September 3, 2013 at 4:46 by Vladimir Vyun

Soybeans jumped today as forecasts promise adverse weather in US Midwest. The majority of the crop-growing area will experience drought, according to forecasters. This means smaller harvest and, as a result, higher prices. November futures for delivery of soybeans climbed as much as $0.31 (2.28 percent) to $1,388.5 per bushel as of 4:31 GMT on CBoT today.

Copper rallied today as China, the biggest metal’s consumer, continued to show signs of growth. The manufacturing Purchasing Managers’ Index advanced from 50.3 in July to 51.0 in August. The value was above expectations and the highest in 16 months. Economic growth leads to increasing demand for the metal used in construction and industry. December contract for copper advanced $0.0575 (1.78 percent) to $3.2915 on COMEX.

If you have any questions and comments on the commodities today, use the form below to reply.

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