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    Copper Price Drops, Base Metals Bear Pressure Due to the Falling Oil Price

    Date:2015-03-20

    The price of copper futures on London Metal Exchange (LME) dropped on Tuesday. The base metals bore pressure due to the falling oil price.

    The three-month LME copper futures dropped 1% when the market closed in the afternoon with settlement price of USD 5,785 per ton.

    The investors also wait for the trend of monetary policy of the United States. The Fed held conferences on Tuesday and Wednesday. The U.S. dollar will appreciate with the rise of interest rate, thereby increasing the downward pressure of commodities priced in terms of U.S. dollar including copper futures.

    The director of the research department of Fastmarkets William Adams said, the market was nervous about the statement and economic forecast which will be issued by the Fed tomorrow. He said, the prices of most of base metals were weak and low and still possible to drop again.

    In the aspect of other base metals, aluminum futures rose 1.2%, with settlement price of USD 1,786 per ton. Zinc futures rose 0.5%, with settlement price of USD 2,015 per ton. Nickel futures dropped 1.4%, with settlement price of USD 13,725 per ton. Lead futures dropped 1.6%, with settlement price of USD 1,722 per ton. Tin futures dropped 1.1%, with settlement price of USD 17,350 per ton.  

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