Hogs & Crude Oil Gained; Lead Slid
Hogs jumped to 2-months high on speculation that bacon demand is rising with restoration of the U.S. economy. Retailers may increase purchases. December settlement for hog futures gained $0.018 (3.6 percent) to $0.5145 per pound as of 10:40 on CME.
Crude oil gained as the International Energy Agency increased its forecast for global demand in 2010 and a government report showed that U.S. stockpiles declined. World oil demand is likely to reach 85.7 million barrels a day next year, 450,000 barrels a day more than estimated in August. U.S. crude-oil stockpiles decreased 5.91 million barrels to 337.5 million last week. Expectations are based on stronger North American and Chinese demand. Crude oil for October delivery advanced $0.38 (0.5 percent) to $71.69 per barrel by 13:01 on the New York Mercantile Exchange.
Lead slid to 11-months low in London after a report that production in China will exceed local demand this year. China, the biggest lead producer and consumer in a world, will have a 2.87 million-metric-ton surplus. Lead for three-month delivery declined $289.50 (12 percent) to $2,115.50 per metric ton on LME at 17:18.
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