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Losses of Wheat, Gold & Silver; Gains of Cotton on Demand

December 8, 2010 at 21:48 by Vladimir Vyun

Wheat futures fell today on speculation that floods in Australia is over and the damage may be already priced in. Still, the harm was done and prices may yet rise again if more damage was done than was estimated. March futures for wheat delivery fell $0.015 (0.2 percent) to $7.8325 per bushel as of 12:03 on CBoT.

Gold fell from a record and silver declined today as the dollar gained, decreasing attractiveness of the precious metals as an alternative investment. US currency gained for a third consecutive day against the basket of six major currencies on speculation that extended tax cuts will support US economy. February futures for gold delivery slipped as much as $26.70 (1.9 percent) to $1,382.30 at 12:43 on COMEX. March futures for silver delivery slid $1.422 (4.8 percent) to $28.355 per ounce.

Cotton futures gained as demand in China may grow. Global demand may also outpace supply. March delivery for cotton rose $0.0176 (1.4 percent) to $1.3213 per pound by 13:22 on ICE.

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

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