Refined-copper imports by China climbed to the highest since June 2009 last month, the General Administration of Customs said Dec. 21. Global oil demand will rise 1.4 percent next year, with China accounting for more than a 10th of the total, according to the Paris-based International Energy Agency.

A measure of 11 U.S. farm goods showed speculators cut bullish bets in agricultural commodities by 7.9 percent to 202,544 contracts, the lowest since March 17, 2009. Investors trimmed bullish bets on coffee by 48 percent to 2,954 contracts, the lowest since Aug. 9.

"People are focusing too much on the day to day in Europe," said Michael Cuggino, who helps manage about $15 billion of assets at Permanent Portfolio Funds in San Francisco. "There's an overall environment that remains favorably biased towards an increase in commodity prices heading into 2012."

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