Daily Commodity News

Crude Oil Rises on Improving Global Demand, Dollar Weakness
Nov. 23 (Bloomberg) -- Crude oil rose from a one-week low on speculation demand will increase as the global economy recovers from its worst recession since World War II.A report today in the U.S., the world’s largest oil user, may show existing-home sales rose 2.3 percent last month to their highest since July 2007, according to a Bloomberg News survey of economists. Oil also gained as investors bought physical assets on speculation U.S. efforts to restore growth will extend the decline in the dollar.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=asOsRDsj0FxY

Sugar May Be Headed for 17% Drop, Ex-Morgan Stanley Trader Says
(Bloomberg) -- Sugar prices may drop 17 percent by the end of January as speculators exit the market after prices failed to repeat recent gains, according to Jean Bourlot, Morgan Stanley’s former head of agriculture trading. Raw-sugar futures are heading for a second monthly decline after rising to a 28-year high in September on speculation that supplies would be curbed by bad weather in Brazil and India. The “risk is greater than the reward” now, and sugar is no longer a so-called asymmetrical trade that will only rise, according to Bourlot, who said rice prices may climb further.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8CaKyCQUtjQ

Rubber Climbs to 14-Month High as Floods Curb Thai Production
(Bloomberg) -- Rubber rallied to the highest level in almost 14 months on concern that flooding in Thailand, the world’s largest producer, will reduce supply.Futures on the Tokyo Commodity Exchange gained as much as 2.7 percent to 250 yen a kilogram ($2,804 a metric ton), the highest level since Oct. 2, 2008. Flooding hit four provinces in southern Thailand after heavy rain started falling in the region on Nov. 19, the Royal Irrigation Department said yesterday on its Web site.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avE0m39LwxfU