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Record Prices of Oil, Cotton & Copper

February 3, 2011 at 5:51 by Vladimir Vyun

Oil extended its gains for a second day on concerns about the situation in Egypt. Yesterday clashes broke out between the protesters and the supporters of the current government. The contract for delivery of crude oil in March rose $0.41 (0.5 percent) to $91.27 per barrel on NYMEX.

Cotton jumped to the record as floods in Australia and Pakistan cut supplies. According to reports, Australia lost 300,000 bales, while Pakistan has a shortfall of 2.5 million bales. March futures for cotton delivery gained $0.04 (2.3 percent) to the record price of $1.7622 per pound as of 14:49 on ICE.

Copper prices also climbed to the record as the global economic growth have put strain on stockpiles. LME copper inventories dropped by 150 metric tons to 393,775 tons yesterday. Copper for delivery in Copper for March advanced 0.8 percent to $4.58 per pound on COMEX.

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