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Gold & Rubber Gain on Greek Bond Swap, Soybeans Rally on Rising Demand

March 8, 2012 at 21:35 by Vladimir Vyun

Commodities, including gold and rubber, advanced today as the swap of the Greek debt proceeds. Holders of Greek bonds are encouraged to swap them for the ones with lower yield as an aid from the private sector for the indebted country. Central banks worldwide were keeping their monetary policy unchanged, signaling that the world economy is stabilizing. Gold price was up from $1,685.60 to $$1,701.80 per ounce as of 21:08 GMT on COMEX today. Contract for delivery of rubber in August advanced as much as 1.5 percent to 329.5 yen per kilogram ($4,057 per metric ton) on the Tokyo Commodity Exchange before trading at 327.4 yen.

Soybeans rose today as adverse weather in South America threatened crops, boosting demand for supplies from the United States. The US Department of Agriculture reported that last week overseas importers bought 1.015 million metric tons of soybeans from the USA for delivery before August 31. At the same time, experts predict that China may increase its soybean imports by 5.7 percent next year. Soybeans rallied from $13.2125 to $13.3050 on CBoT today.

If you have any questions and comments on the commodities today, use the form below to reply.

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