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Wheat & Copper Fall as Dollar Advance, Cocoa Price Drops

March 16, 2010 at 22:08 by Vladimir Vyun

Wheat advanced after the dollar fell, spurring appeal of the grain to overseas buyers. The dollar slid 0.5 percent versus a basket of six major currencies. May futures for wheat delivery advanced $0.0525 (1.1 percent) to $4.845 per bushel by 9:54 on the Chicago Board of Trade.

Copper climbed to the two-week high as the weaker dollar boosted demand for commodities as an inflation hedge. Price also jumped as inventories of LME-monitored copper dropped to 528,050 metric tons, the lowest level since January 20th. Delivery for copper in three months climbed $108 (1.5 percent) to $7,413 a metric ton as of 17:59 on the LME.

Cocoa price slipped to the seven-month low on speculation that growing supplies will decrease demand. Hedge-funds and other speculators cut their bets on increasing prices by 21 percent in the week ended March 9th. May futures for cocoa delivery slipped $18 (0.6 percent) to $2,848 per metric ton on ICE.

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