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Sugar & Wheat Gains on Adverse Weather, Copper Goes Up

June 24, 2010 at 22:44 by Vladimir Vyun

Sugar prices went up today in New York for the first time in three days on prediction that harvest may be hurt by low precipitation in India, sugar’s biggest consumer. In the week that ended June 23 India’s monsoon, the main source of nation’s irrigation, was 21 percent below average. October delivery for raw sugar rose $0.0038 (2.4 percent) to $0.1619 per pound on ICE.

Wheat futures rose today for the first time in a week also on outlook for adverse weather. As much as 12.5 million acres of grain were prevented from being planted in Canada because of rainfall. The output from the U.S. and Russia may also be lower because of adverse weather. September futures for wheat delivery gained $0.0175 (0.4 percent) to $4.775 per bushel on CBoT.

Copper prices gained today as government reports signaled that demand may be higher then economic indicators previously suggested. Cores durable goods orders rose by 0.9 percent in May and unemployment claims dropped from 476,000 to 457,000 last week, suggesting that the U.S. economic recovery strengthens. On the negative side we have unexpected plunge of new home sales from 446,000 to 300,000, which may curb gains of the metal prices. September futures for copper delivery added $0.0695 (2.4 percent) to $3.024 per pound on COMEX.

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