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Raw Sugar Falls After Reaching Record High, Crude Oil Rises

November 11, 2010 at 1:39 by Vladimir Vyun

Raw sugar fell today, ending the longest rally since 2006, as consumers are looking for submission for the sweetener after prices surged to the highest level in 29 years. The US Department of Agriculture said yesterday that sugar consumption will decline 1 percent in the year that began on October 1st after rising as much as 5.4 percent a year ago. Prices have more than doubled since reaching the lowest level in 13 months on May 7th as adverse weather has curbed global output. March delivery for raw sugar slipped $0.003 (0.9 percent) to $0.3281 per pound by 14:00 on ICE after 10 session of gains.

Crude oil touched today the highest level in two years after a report showed that the US inventories unexpectedly decreased and as demand for fuel grew. US stockpiles of crude slumped 3.27 million barrels to 364.9 million last week. Analysts predicted the inventories to rise 1.1 million barrels. December delivery for crude oil gained $1.09 to $87.81 per barrel on NYMEX, the highest price since October 8th, 2008.

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