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Decline of Copper Prices, Rally of Soybeans & Cotton

March 3, 2011 at 4:58 by Vladimir Vyun

Soybeans gained on the concern that rains in Brazil may cause flooding, slowing the harvest and harming the quality of the crops. World inventories of soybeans are expected to decline to 58.2 million metric ton, the lowest level in two years, according to the estimates of the US Department of Agriculture. May delivery for soybeans rose $0.14 (1 percent) to $13.8925 per bushel at 13:09 on CBoT.

Copper fell on the concern that the surging oil prices will slow the global economic recovery, diminishing demand for the industrial metal. Oil continues its rally on the tensions in Libya. May futures for copper delivery fell $0.0115 (0.3 percent) to $4.498 per pound by 13:22 on COMEX.

Cotton jumped on the speculation that supply will trail demand. The Chinese imports surged 31 percent January from a year ago, following the jump by 86 percent in the previous year, while the output in the country fell by 6.3 percent in 2010. May delivery for cotton gained by the exchange limit of $0.07 (3.6 percent) to $2.006 as of 14:55 on ICE.

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