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Wheat Gains, But Decline Expected. Copper Falls on Waning Demand

April 11, 2012 at 22:59 by Vladimir Vyun

Copper fell for the straight day today, reaching the lowest level since January. Yield for Spain’s bonds increased, causing concern that the debt crisis is spreading across the eurozone. China reduced its imports of raw materials, adding to signs of waning demand. Copper price was down from $3.6370 to $3.6290 per pound as of 22:28 GMT today on COMEX.

Wheat rose today on the forecast that cold weather in the United State will slow growth of crops. Many analysts believe that the prices may yet fall in the near future as the market is oversupplied. The International Grains Council predicted that global stockpiles will increase 7.1 percent to 210 million metric tons this year, while output will reach 681 million tons in 2013 — the level seen only twice in history. Wheat spot price rose from $6.2625 to $6.2800 per bushel on CBoT today. Yesterday, the price sank from $6.4175 to $6.2500 per bushel.

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