Tetsu Emori News
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Copper traded near a two-week high on mine-supply concerns and amid comments from U.S. Federal Reserve officials supporting its stimulus program before Fed Chairman Ben S. Bernanke testifies in Congress today.
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Corn rose, extending the biggest one- day rally this month, amid concern that yields in the U.S., the world’s largest grower, may fall below government forecast.
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Copper slumped for a fifth day to the lowest level in eight months as worse-than-estimated U.S. economic data spurred concern that growth is slowing in the world’s second-biggest user amid increasing stockpiles.
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Wheat may decline for the first time in four days as the winter-wheat crop condition in the U.S. improved, reducing risks of yield losses in the world’s largest shipper. Corn was little changed.
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Corn declined after posting the biggest weekly gain in six as rain in parts of the U.S., the world’s largest grower, may replenish soil moisture needed for planting after drought cut last year’s harvest.
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Crude oil rose for a fifth day on speculation demand will increase as the world economy recovers from recession.
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West Texas Intermediate crude rose to the highest in a month as Cyprus agreed on an international bailout, allaying concern that Europe’s debt crisis will worsen. WTI narrowed its discount to Brent to the least since July.
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West Texas Intermediate crude slid from the highest close in six weeks, snapping its longest rally this year. Exxon Mobil Corp. shut a pipeline that carries oil to the U.S. Gulf Coast.
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Oil rose for a third day as signs of an improving U.S. economy and progress on a bailout for Greece bolstered the outlook for fuel demand.
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Oil rose in New York as speculation U.S. fuel demand will increase prompted investors to buy contracts after prices fell to the lowest in four months.
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