Commodities News
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Corn traders are bullish for a fifth consecutive week on speculation that dry weather in South America is damaging crops, boosting demand for U.S. supplies at a time when stockpiles are predicted to shrink to a 16-year low.
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Commodities posted the first annual drop since 2008, paced by declines in cotton, copper and cocoa, on concern that the sovereign-debt crisis in Europe and a cooling Chinese economy will sap demand for raw materials.
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Oil fell, paring a third annual increase, as Chinese manufacturing contracted for a second month in December, spurring concern that demand from the world’s second-largest crude-consuming country may slow.
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Gold rose the most this month, capping an 11th straight annual advance, on speculation that demand will climb from jewelers and investors.