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Sugar, Corn, Copper Gained as Dollar Weakened

September 22, 2009 at 21:16 by Vladimir Vyun

Sugar gained as a weaker dollar boosts the demand for commodities as an inflation hedge. Prices also boosted on speculation that adverse weather in Brazil and India, the largest cane growers, will cause deficit in global supplies, cutting harvest of cane. March futures for raw-sugar delivery rose $0.0042 (1.8 percent) to $0.2364 per pound at 9:21 on ICE Futures U.S. in New York.

Corn gained as the dollar weakened, increasing overseas demand for supplies from the U.S. Expectation of a global recovery supports overseas demand for food, fuel and animal feed made from corn. December futures for corn delivery rose $0.025 (0.8 percent) to $3.185 per bushel as of 10:12 on CBoT.

Copper gained for a second day because the weaker dollar boosts attractiveness of commodities as an alternative investment. Prices also were boosted today after a daily report showed that inventories monitored by LME dropped for the first time in 18 days, slipping 50 tons to 331,775 tons. December futures for copper delivery rose $0.053 (1.9 percent) to $2.8585 per pound by 11:32 on the New York Mercantile Exchange’s Comex division.

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