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Copper Falls on Fed, Coffee Tumbles on Weather Forecast

March 20, 2014 at 22:11 by Vladimir Vyun

Copper sank today, along with other metals, after the US Federal Reserve announced stimulus reduction yesterday and signaled that it may raise interest rates next year. Such prospects promise slower economic growth not just in the United States but in the whole world as well. Copper, being industrial metals, directly linked to growth. May futures for delivery of copper tumbled as much as $0.0575 (1.93 percent) to $2.9295 per pound as of 21:56 GMT on COMEX today.

Coffee sank today on the forecast of rains in Brazil. It is expected that the South American country will receive rainfall by the weekend that should reduce the damage to crops that was caused by the worst drought in decades. Prices had soared this year on the adverse weather conditions, but retreated recently on the weather forecast that is favorable for crops as well as on speculations that the rally was excessive. Futures for coffee dipped $0.1135 (6.12 percent) to $1.7415 per bushel on ICE today.

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