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Crude Oil Rises, Record Gains of Cotton & Sugar

December 20, 2010 at 23:21 by Vladimir Vyun

Sugar advanced today to the highest level in 29 years on forecast that global supplies will trail demand. World sugar consumption will exceed production by almost 3 million metric tons in the year ending September 30th. March delivery for raw sugar advanced $0.0046 (1.4 percent) to $0.3296 per pound as of 14:00 on ICE.

Crude oil gained today on signs that US economy recovers, increasing demand in the biggest oil-consuming country. Experts predict a report this week will show that growth of US gross domestic product accelerated. January delivery for crude oil gained $0.79 to $88.81 per barrel on NYMEX.

Cotton was also bolstered by an anticipation of increasing demand in the US. The Thomson Reuters/Jefferies CRB Index of 19 raw materials jumped to the highest level in more than two years. March futures for cotton delivery rose $0.04 (2.7 percent to the record $1.5412 per pound by 14:43 on ICE.

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