Copper Surges, Sugar Soars; U.S. Stocks Advance

123jump.com Staff
29 Dec, 2009
New York City

U.S. stocks inched higher in the morning trading. Copper led the gainers in commodities trading as Chilean workers strike and Chinese economy expands at a faster pace than the targeted 8% rate. Sugar surged to twenty year high and copper jumped more than 2%.

[R]9:40 AM New York – U.S. stocks inched higher in the morning trading. Copper led the gainers in commodities trading as Chilean workers strike and Chinese economy expands at a faster pace than the targeted 8% rate. Sugar surged to twenty year high and copper jumped more than 2%.[/R]

World markets continue to advance as the optimism about the world economic recovery prevailed in trading rooms. Asian markets retain their lead with benchmark indexes in China and India are set to lead the world market for the annual gains.

Copper and sugar led the advances in commodities trading in London. Sugar increased 1.75% to $706.45 a metric ton in London trading and copper increased 2.3% or $181 to $7,259 a ton.

Copper prices gained sharply after China said that current year annual growth is going to be higher than 8% target and workers at Altonorte copper smelter in Chile agreed on a strike yesterday and miners at Chuquicamata decided to strike.

Commodities linked currencies advanced with a sustained rise in commodities prices. The rand added 1.4% to 7.41 against one dollar and the Australian dollar increased 1.1% to 89.72 U.S. cents.

The controversial S&P Case-Shiller index tracking ten metropolitan home prices showed a decline slowed in October to 6.4% from a year ago but prices were flat compared to September. The index of twenty metropolitan homes decreased 7.3% from a year ago and was also flat compared to September.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 3.83 or 0.04% to 10,638.06, and Hang Seng index in Hong Kong increased 19.22 or 0.09% to 21,499.44, and CSI 300 index in China higher 22.30 or 0.64% to 3,500.74. ASX 200 index in Australia increased 54.20 or 1.13% to 4,845.10. The FTSE Bursa KL Composite index in Malaysia was higher 2.49 or 0.20% to 1,275.22.

The Kospi Index in South Korea decreased 13.11 or 0.78% to close at 1,672.48. SET index in Thailand closed higher 8.45 or 1.15% to 742.16. JSE Index in Indonesia increased 9.30 or 0.37% to 2,518.99. The Sensex index in India increased 40.95 or 0.24% to 17,401.56.

Europe Markets Review

In London FTSE 100 Index traded higher 25.44 or 0.47% to 5,427.85, in Paris CAC 40 Index increased 10.83 or 0.27% to 3,957.98 and in Frankfurt DAX index traded higher 5.89 or 0.10% to 6,008.81. In Zurich trading SMI increased 3.96 or 0.06% to 6,594.97.