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Hogs and Platinum Gain, Copper Resists

July 16, 2009 at 20:49 by Andriy Moraru

Wholesale pork surged 5.5 percent to $0.6333 a pound during yesterday’s trading session, as the corporate meatpackers (such as Tyson Foods Inc.) decreased their slaughter rates to spur the price growth. Hogs futures reacted with an up-movement as the demand for hogs may also increase with the profits of the companies. October hog futures rose by $0.00975, which is 1.6 percent, to $0.60075 a pound as of 11:32 on CME.

Platinum gains as the metals get into the focus of the investment banks and hedge funds. The gain was noticeable mainly in the industry-applicable metals such as platinum and palladium. Goldman Sachs recommends buying January platinum futures because auto-production may rise soon. October futures on platinum rose by $13.90, or 1.2 percent, to $1,171.80 per ounce as of 12:38 on NYMEX.

Copper prices remain mostly unchanged during the trading session in New York as the commodity optimism may be coming to an end. September copper futures declined by $0.004 to $2.388 per pound as of 13:03 on the Comex division of the New York Mercantile Exchange.

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