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Wheat Declines, Copper Falls from Record, Oil Fluctuates

December 14, 2010 at 19:58 by Vladimir Vyun

Wheat slipped today to the lowest level in a month as demand for the commodity waned after prices reached the highest level in four months. Previously prices jumped 13 percents on concerns that dry weather in the US and rains in Australia would damage crops. March futures for wheat delivery slid $0.1875 (2.4 percent) to $7.615 per bushel by 10:29 on CBoT.

Copper fell today from the record high on concerns that China may introduce austerity measures to cool its economic growth. Growth of consumer prices in China reached 5.1 percent in November, demanding from China’s government to take some actions to slow inflation. March futures for delivery copper went down $0.009 (0.2 percent) to $4.198 per pound at 10:57 on COMEX after previously the price reached $4.229, the highest level since May 2008.

Crude oil fluctuated today ahead of the meeting of the Federal Reserve policy makers. Fed’s Chairman Ben Bernanke suggested that Fed may expand its bonds purchasing program. January delivery for crude oil rose $0.04 to $88.65 per barrel as of 11:49 on NYMEX. January futures for Brent crude oil gained $0.31 (0.3 percent) to $91.50 per barrel on the ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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