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Cotton, Crude Oil, Copper Rose

September 15, 2009 at 23:33 by Vladimir Vyun

Cotton prices rose, heading to the longest rally since 1976, on speculation that rain in the U.S. South may delay harvest. 2-inch rains is helping West Texas, where the crop runs about three or four weeks behind in maturity, but delays harvesting in the rest of the Cotton Belt. December futures for cotton wet up $0.0108 (1.7 percent) $0.6329 per pound as of 11:50 on ICE Futures U.S. in New York.

Crude oil advanced more than $2 a barrel in New York as sales at U.S. retailers jumped in August. The dollar declined, increasing the appeal of commodities as a hedge against inflation. Manufacturers may help the U.S. economy as they increase production after a record inventory drawdown in the first half of 2009. October delivery for crude oil gained $2.07 (3 percent) to $70.93 per barrel by 14:46 on the New York Mercantile Exchange.

Copper gained after growth in the U.S. retail sales signaled about a rebound in economy. Retail sales increased 2.7 percent last month from July. Copper prices have doubled this year on speculation about slower global recession. December delivery for copper rose $0.0405 (1.4 percent) to $2.845 per pound on NYMEX.

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