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We present our new low-complexity compression algorithm for lossless coding of video sequences. This new coder produces better compression ratios than lossless compression of individual images by exploiting temporal as well as spatial and spectral redundancy. Key features of the coder are a pixel-neighborhood backward-adaptive temporal predictor, an intra-frame spatial predictor and a differential coding scheme of the spectral components. The residual error is entropy coded by a context-based arithmetic encoder. This new lossless video encoder outperforms state-of-the-art lossless image compression techniques, enabling more efficient video storage and communications.