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Copper & Cocoa are under Pressure from Stronger Dollar

March 25, 2010 at 1:26 by Vladimir Vyun

Copper prices slipped in New York as the stronger dollar curbed demand for the industrial metals as an inflation hedge. The euro dropped to a lowest in 10 months versus the U.S. currency. Some analysts think that copper may fall to $3.20 in the next two weeks. May futures for copper delivery slipped $0.0335 (1 percent) to $3.3455 per pound on the NYMEX in New York.

Cocoa futures in New York dropped after the dollar rose, cutting appeal of raw materials as an alternative assets. Cocoa was under pressure of the greenback from the beginning of 2010 as the stronger dollar reduced demand for commodities as a safe haven. Cocoa price also slid as harvest in Ivory Coast was better than predicted. May futures for cocoa delivery dropped $62 (2.1 percent) to $2,833 per metric ton on ICE Futures U.S.

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