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Commodities prices rise following yuan

06-22-2010 08:50 BJT

Commodities prices also rose on the news, with raised hopes of high demand. But traders say the move will benefit metal and grain prices more than energy.

Many analysts see the currency strengthening further in the coming days, albeit at a very modest pace. The promise of additional spending power has prompted an increase in copper and grain prices. Gold is unlikely to see a strong rise but prices did increase, hovering within reach of the record high on Monday.

Base metals and iron markets have had the biggest reaction, as China is the dominant consumer and heavily reliant on imports. Stock and commodities jumped and US Treasuries fell, as investors predict China will allow the yuan to rise after promising more currency flexibility.

Editor:Xiong Qu |Source:

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