Corn Gains on Weather, Gold Rises on Hopes for China
Corn climbed today, rising for the fourth consecutive session, as bad weather damaged crops in the United States. The heat wave in Midwest led to the fastest decline of supplies since 1996. Analysts estimated that inventories totaled 80.47 million metric tons on June 1, falling 47 percent from March 1. Corn jumped from $6.4525 to $6.7000 per bushel before closing at $6.5100 on CBoT today.
Gold rebounded today, following yesterday’s losses, on speculations that China may take measures to boost its economic growth. Faster growth of the Asian country would be positive for all commodities, but for gold in particular as the Chinese are very fond of the precious metal and China has a great influence on gold demand. Earlier, the metal was falling as the dollar rallied amid concerns about Europe. August futures for delivery of gold advanced 0.2 percent to $1,578.40 per ounce as of 13:47 on COMEX.
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