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Soybeans Rise on Shrinking Supplies, Copper Advances

March 25, 2010 at 21:19 by Vladimir Vyun

Soybeans advanced on speculation that supplies available for domestic processors may shrink as exports sales increased last week. Exports reached rose as much as 28 percent from a week earlier to 273,439 metric tons in the week ended March 18th, the highest since February 4th. Processors are planning to cut their production because of  shrinking supplies. May futures for soybean delivery advanced $0.02 (0.2 percent) to $9.62 per bushel as of 10:44 on CBoT.

Copper prices went up after the euro rebounded versus the dollar, boosting appeal of the metal as a hedge against inflation. The euro gained as much as 0.5 percent. Inventories of the LME-monitored copper dropped 0.3 percent, supporting the metal’s price. Delivery for copper in three months went up $47 (0.6 percent) to $7,418 per metric ton by 17:44 on the London Metal Exchange.

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