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US Housing Boosts Copper, High Corn Prices Help Wheat

July 19, 2011 at 18:00 by Vladimir Vyun

Copper climbed today as economic data signaled that the US hosing market is recovering. Housing starts climbed from 549,000 to 629,000 and building permit advanced from 609,000 to 624,000 in June. Tomorrow, the report about existing home sale is expected to show an increase from 4.81 million to 4.92 million. September futures for copper delivery climbed $0.0515 (1.2 percent) to $4.4545 per pound as of 7:44 on COMEX.

Wheat advanced today to the highest level in a month as cattle breeders may turn to the grain as an alternative feed after corn price surged. Prices for corn jumped to the highest level in five weeks on the forecast that hot weather in the US will reduce yields. September futures for delivery of wheat rose $0.2 (2.9 percent) to $7.095 per bushel by 11:55 on CBoT.

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