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Wheat Gains on Tension in Eastern Europe, Copper Drops on China’s Data

March 13, 2014 at 6:42 by Vladimir Vyun

Wheat advanced today on concerns that the conflict between Russia and Ukraine will hurt grain exports. At the start of the year, it was expected that the agricultural commodity would extend last year’s decline, but the tension between the Eastern European countries helped prices to advance. The US Department of Agriculture estimated that Russia could have become the fifth biggest exporter in the world and Ukraine the sixth. May futures for wheat rose $0.0450 (0.66 percent) to $6.8825 per bushel as of 6:25 GMT on CBoT today.

Copper, on the other hand, demonstrated decline as economic data from China disappointed traders yet again. Industrial production grew 8.6 percent in February from a year ago, trailing the forecast of 9.5 percent. Retail sales were also below expectations — 11.8 percent versus the expected 13.5 percent. May contract for copper dropped $0.0185 (0.62 percent) to $2.9435 per pound on COMEX today.

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