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.
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.
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.
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.