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Rising Copper; Low Supplies of Rice

October 8, 2009 at 21:57 by Vladimir Vyun

Copper prices jumped to the highest in six weeks as the weakening dollar and faster economic restoration signaled that demand for the metal used in pipes and wires may go up. The dollar slumped 0.8 percent against a basket of six major currencies. The decreasing jobless rate and supply concerns are also bolstering market. December futures for copper delivery jumped $0.104 (3.7 percent) to $2.8835 per pound by 11:57 on the Comex division of the New York Mercantile Exchange.

Protests against high prices for food, including rice, may again take place in Asia in 2010 because drought in India and crop losses in the Philippines may cause prices to jump. Drought in India may cut rice production by 18 percent to 81 million tons in the year beginning October 1st, causing less global supplies to be available for importers. Stockpiles may drop further as two storms in the Philippines, the biggest importer in the world, destroyed about 450,000 tons (7 percent) of the fourth-quarter rice crop. The contract for November rice delivery gained 0.6 percent to $13.305 per 100 pounds today in Chicago.

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