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Commodities Head for Biggest Weekly Gain Since October 2009

Cotton Tumbles for Second Day
Pima cotton fibers are shown during harvesting on a farm in Wasco, California. Photographer: Chip Chipman/Bloomberg

Dec. 3 (Bloomberg) -- Commodities headed for the biggest weekly gain since October 2009 as global shortfalls of cotton and wheat drove agriculture prices higher.

The Thomson Reuters/Jefferies CRB Index of 19 raw materials rose 3.25, or 1 percent, to 315.35 at 1:31 p.m. New York time. A close at that level would mark a weekly gain of 4.7 percent.

Cotton was poised for the biggest weekly jump in 39 years after India put limits on exports. Heavy rain is eroding the quality of Australian wheat after a drought cut Russian grain output. The dollar tumbled against major currencies, boosting the investment appeal of energy, metals and crops. Crude oil rose to a 25-month high, and gold topped $1,400 an ounce.

“The perfect storm in commodities continues another week,” said Fain Shaffer, the president of Infinity Trading Corp., a commodity brokerage in Medford, Oregon. “Between weather problems, financial problems and China saying they want to buy gold, all these markets are up pretty good today.”

To contact the reporter on this story: Elizabeth Campbell in Chicago at ecampbell14@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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