Copper & Cotton Fall on Dubai Concern, Dollar Rebound; Sugar Rise with Increasing Demand

Dubai’s attempt to delay debt repayments made traders shun assets, which they perceive as carrying greater risk, causing decline in prices for commodities, including copper and cotton. The dollar rebound versus six major currencies also caused decline in prices for commodities. March futures for copper delivery declined $0.0715 (2.2 percent) to $3.1255 per pound on the Comex division of the New York Mercantile Exchange. March futures for cotton delivery dropped $0.0138 (1.8 percent) to $0.7384 per pound on ICE Futures U.S. in New York.

Sugar prices rose New York as growing global demand increased sales. Sugar prices climbed 93 percent this year as bad weather conditions inflicted cane yield in Brazil and India, causing a worldwide deficit. Prices were also aided by demand from Bangladesh, Pakistan and Indonesia. March futures for raw-sugar delivery increased $0.0045 (2 percent) to $0.2277 per pound on ICE.

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