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Will Copper Imports in China Rise in 2010? Corn, Soybeans, Oil Fall

December 22, 2009 at 21:43 by Vladimir Vyun

Refined copper imports in China, the greatest buyer in the world, rebounded in November with rising domestic prices and increasing demand. China may increase imports to 200,000 tons per month in the first quarter of 2010 as high domestic prices made purchases from overseas sellers cheaper. Delivery for copper in three months on LME dropped 0.6 percent to $6,895 per ton by 15:21 in Shanghai.

Corn slid and soybeans went down as the dollar gained, curbing the attractiveness of commodities as an alternative investment. Analysts says that the strong dollar “is encouraging some speculators to reduce long positions”. March futures for corn delivery went down $0.055 (1.4 percent) to $3.945 per bushel as of 10:32 on CBT. March futures for soybean delivery slid $0.1075 (1.1 percent) to $9.9775 per bushel in Chicago.

Crude oil rose as the dollar dropped and on speculation about global economic restoration. A rising dollar cut demand for commodities as an alternative investment. February delivery for crude oil gained $0.62 (0.8 percent) to $74.34 per barrel by 13:13 on the New York Mercantile Exchange.

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