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Crude Oil, Coffee & Sugar Continue Rally to Records

December 21, 2010 at 22:47 by Vladimir Vyun

Crude oil jumped to the highest level in two years after same-store sales in the US rose 4.2 percent last week. Oil also advanced as the Standard & Poor’s 500 Index went up. February delivery for crude oil rose $0.45 to $89.82 per barrel on NYMEX, the highest level since October 7th, 2008.

Concerns about tighter supply from Brazil boosted sugar prices. Adverse weather in Brazil helped the prices to jump 23 percent this year. March delivery for raw sugar gained $0.0006 (0.2 percent) to $0.3302 per pound by 13:46 on ICE.

Coffee futures also continued the rally to the 13-year record on speculation that adverse weather in Brazil and India may curb supplies. Commodities, including coffee, also gained on a weaker dollar. March delivery for Arabica coffee advanced $0.092 (4.1 percent) to $2.3385 per pound as of 14:00 ICE.

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