Corn, Soybeans & Copper Fall; Will Cotton Prices Rise?
Corn and soybeans prices dropped today as the stronger dollar curbed appeal of commodities as an alternative investment. May futures for corn delivery dropped $0.0275 (0.7 percent) to $3.7125 per bushel by 10:37 on the Chicago Board of Trade. May futures for soybean delivery slid $0.005 to $9.585 per bushel in Chicago.
Copper prices slipped after the dollar gained, diminishing the demand for most metals as an inflation hedge. Prices also fell on concern that demand from China, the largest consumer of the metal in the world, will wane on increasing interest rates. May futures for copper delivery slipped $0.0225 (0.7 percent) to $3.3955 per pound in New York.
Prices for cotton may rise as China, the largest cotton importer, may increase purchases of the fiber 30 percent in 2010. Analysts say that imports may total more than 2 million metric tons, compared 1.53 million tons in the previous year. May delivery for cotton rose 0.3 percent to $0.8137 per pound on ICE.
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