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Will Gold Rise to a Record? Cocoa Gained; Copper Rally Halts

September 9, 2009 at 19:21 by Vladimir Vyun

Gold reached almost an 18-month high in New York and may rise to a record before the end of the year as investors seek to hedge against inflation. The metal may jump as high as $1,200 this year, but may slide as low as $950 an ounce before rebounding. December futures for gold fell $0.7 (0.1 percent) to $999.10 per ounce by 10 in New York today.

Cocoa climbed to a two-week high because a weaker dollar boosts the attractiveness of commodity trading in New York. The dollar tumbled to the lowest in almost a year against a basket of six major currencies, making commodities cheaper for overseas buyers. December futures for cocoa delivery advanced $55 (1.9 percent) to $3,008 per metric ton as of 10:05 on ICE Futures U.S.

Copper halted a four-session rally after stockpiles rose and a tumbled consumer borrowing in U.S caused concern about the strength of the economic recovery. Copper stockpiles rose 0.4 percent today to the highest since May. Consumer credit dropped for a sixth month in the U.S., the longest decline since 1991, as banks in the world’s second-biggest copper consumer restricted lending. Price for the metal was maintained by demand in China, but as imports dropped 23 percent in July from June and expected to drop further price for the metal most likely will decline. December futures for copper delivery dropped $0.0305 (1 percent) to $2.9255 per pound at 11:03 a.m. on NYMEX.

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