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Declining Oil & Copper; Cocoa Rose to Highest in Two Decades

October 7, 2009 at 21:35 by Vladimir Vyun

Crude oil dropped in New York after a report that stockpiles of gasoline and distillate fuel, including heating oil and diesel, rose. Gasoline stockpiles increased 2.94 million barrels to 214.4 million last week; distillate supplies jumped 679,000 barrels to 171.8 million. Oil also fell because the strengthening dollar lowered the demand for energy as an alternative investment among buyers. In general situation for oil can be considered bearish. November delivery for crude oil dropped $1.44 (2 percent) to $69.44 per barrel by 1:35 on the New York Mercantile Exchange.

Copper declined as rising supplies may cause demand to decrease. Inventories in warehouses monitored by the London Metal Exchange gained 35 percent since July. December futures for copper delivery declined $0.005 (0.2 percent) to $2.7795 per pound on NYMEX.

Cocoa rose to highest in since 1989 in London with increasing demand in Germany, largest confectionery producer in the Europe. This increase in demand may signal that some buyers are restocking stockpiles. December delivery for cocoa rose 0.7 percent to $3,233 per ton on ICE Futures U.S. in New York.

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