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Sugar, Copper Fall as Dollar Gains; Soybeans May Rise 20%

November 20, 2009 at 0:35 by Vladimir Vyun

Sugar futures dropped to the lowest level in two weeks as the dollar gained, diminishing the attractiveness of commodities as an alternative investment. The dollar put a great investor-selling pressure on sugar. March futures for raw-sugar delivery dropped $0.0056 (2.4 percent) to $0.2274 per pound on ICE Futures U.S. in New York.

Copper prices slid to the two-week low after the dollar rose, eroding demand for the metal as an inflation hedge. It looks like commodities are reacting to the dollar more than anything these days. March futures for copper delivery lost $0.0295 (0.9 percent) to $3.106 per pound on NYMEX.

Soybean prices may increase by 20 percent as of March with economic growth in China, the largest importer in the world, spurring demand. Soybean imports in China may exceed 3.5 million metric tons by November because of lower costs. Soybeans reached a three-month high yesterday and have rose 4.6 percent this year.

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