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Week Starts Positively for Industrial Metals & Grains

October 13, 2014 at 20:27 by Vladimir Vyun

While today’s trading data from China was a bit disappointing, it was good enough to push copper higher. Nickel advanced as well. China’s exports climbed 15 percent in September from a year ago, exceeding the median analysts’ estimate of 12 percent and suggesting that the country’s economy performs well. As the Asian nation is the world’s biggest consumer of copper, such news was good for the metal. December futures for delivery of copper advanced 0.41 percent to $3.0475 per pound as of 20:14 GMT on COMEX today. Nickel rose 0.5 percent to $16,455 per metric ton on LME.

Corn, soybeans and wheat gained today on concerns that rains in the United States will delay harvest. Forecasters predict that for the next one or two days rainfall may disrupt crop collection. The US Department of Agriculture estimated that the amount of gathered corn and soybeans was below the five-year average for the current period of year. December contract for corn jumped as much as 3.59 percent to $3.4600 per bushel on CBoT today. Futures for soybeans advanced 2.47 percent to $9.4525 per bushel. Wheat gained 1.35 percent to $5.0525 per bushel.

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