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Week Starts with Gains of Metals & Grains

July 28, 2014 at 10:28 by Vladimir Vyun

Futures for aluminum gained today on speculations that demand for the metal will persist. Prices advanced even as the inventories tracked by the London Metal Exchange rose for the first time after 18 consecutive sessions of decline. Contract for delivery of aluminum in three months added 0.8 percent to $2,013 per metric ton on LME today.

Lead followed the rally, reaching the highest level in 17 months. Analysts predict that demand will exceed supply this year, meaning that prices should continue to rise, especially if global economic growth maintains its momentum. Lead for delivery in three months gained 1.2 percent to $2,295 per ton, while its daily high of $2,303 was the highest since February 2013.

Corn and soybeans advanced too as the recent slump of prices made the commodities attractive for buyers. Specialists think that prices should stabilize in short term, at least till the next supply and demand report from the US Department of Agriculture, which will be released on August 12. December futures for delivery of corn added 0.47 percent to $3.7350 per bushel as of 10:24 GMT on CBoT today.

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