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How Rising Supplies Affect Wheat & Sugar Prices? Copper Falls

March 8, 2010 at 23:18 by Vladimir Vyun

Wheat prices advanced as the dollar fell, spurring demand for the U.S. grain. The U. S. currency slipped as much as 0.4 percent versus a basket of major currencies. Global stockpiles may climb 19 percent to 195.9 million metric tons in the year ending May 31st, slowing the wheat price increase. The grain price may also fall as U.S. have to compete with other exporters. May futures for wheat delivery advanced $0.015 (0.3 percent) to $4.95 per bushel on the Chicago Board of Trade.

Sugar futures dropped to the weekly low on speculation that world demand will decline. Analysts say that with increasing global inventories “the bulls will lose their opportunity for a strong rally”. May futures for raw-sugar delivery dropped $0.0062 (2.8 percent) to $0.2157 per pound on ICE.

Copper prices slid on concern that demand for the industrial metal will decline in China with stalled economic recovery. Earlier the metal fluctuated, following the dollar and the U.S. equities. May futures for copper delivery slid $0.007 (0.2 percent) to $3.4105 per pound on NYMEX.

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