Spotlight: Bloomberg survey showed crude oil and natural gas may fall on weaker demand. Coffee slipped after price hits 10-year high and sparks selling. Gold rose to a record on speculation lower U.S. interest-rates will spur inflation and may top $1,000 an ounce for the first time ever as a slumping dollar and higher raw-materials costs boost demand for the precious metal as an inflation hedge. Copper fell.
Energy: Bloomberg survey showed crude oil and natural gas may fall this week because of rising U.S. inventories and weakening fuel demand as the nation's economy slows as well as demand for natural gas begins to wane with the approach of spring.
Agriculture: Corn futures rose extending last month's 11 percent rally to a record, on speculation that surging soybean prices will encourage a switch in crops. Besides, soybeans extended a rally to a record in Chicago on Chinese demand. However, wheat fell on speculation the world's farmers will seed more acres to capitalize on record prices, increasing stockpiles that are headed for the lowest level in 30 years.
Cotton soared to highest since October 2003 on supply concerns. Sugar rose after Federal Reserve Chairman urged the U.S. to reduce tariffs on imports of cane-based ethanol from Brazil, the world's largest producer. Cocoa fell as the U.K. pound eased against the dollar, reducing the appeal of U.S. futures. Notably, coffee fell after the price rose to its highest in 10 years and sparked selling by investors.
Precious Metals: Gold rose to a record on speculation lower U.S. interest rates will weaken the dollar and spur inflation; silver and platinum rose on speculation the dollar will extend a slump boosting the appeal of the metal as a hedge.
Industrial Metals: Copper fell as stockpiles in Shanghai rose for a third straight week, and fresh signs emerged that a slowing U.S. economy may weaken demand for the metal.
(Source: Bloomberg)
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