Industrial metals rise; cotton, soyabean, corn and wheat fall

New York

COPPER paced gains in industrial metals after mining cuts announced by Glencore, Freeport-McMoRan and Anglo American eased concerns that production surpluses will grow.

Copper rose as much as 3.2 per cent, while nickel added 2 per cent, extending a recovery from its lowest price in 12 years last month.

The Bloomberg Industrial Metals Subindex is down 28 per cent this year, showing why some of the biggest producers pledged deeper curtailments in output during the week. The dollar index has retreated from the highest since at least 2004, boosting demand for commodities as alternative assets.

"The combination of scattered supply cuts with the added prospect of further producer discipline and the notably weaker dollar has helped base metals stay firm and close out the week on a somewhat positive note," Tai Wong, the director of …