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Declining Copper Prices; Record U.S. Pork Supplies

August 20, 2009 at 20:02 by Vladimir Vyun

Copper prices tumbled in New York as a rebound in the dollar lowered demand for commodities as an alternative investment. Another reason for the prices decline is concern for economic recession which rose after the repot about increasing jobless rate. China, as the world’s biggest copper user, has a great impact on copper prices and there is speculation that slow economic recovery in China may cause prices for the metal to drop even further. December futures for copper delivery dropped $0.022 (0.8 percent) to $2.749 per pound as of 10:22 on NYMEX.

Pork supplies in the U.S. jumped to the record in the July as decreased exports and domestic demand forces buyers to stockpile excessive meat. Inventories of frozen meat rose up 8.7 percent from a previous year to 549.1 million pounds on July 31. U.S. pork exports dropped 20 percents in the first half of 2009 because of swine flu, while decline of domestic demand may be connected with unemployment rate (which was 9.4 in July). October futures for hogs went up 2.1 percent to $0.46725 per pound by 10:35 on the Chicago Mercantile Exchange.

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