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Copper Unsure Where to Go, Wheat Prices Tumble

March 24, 2015 at 13:30 by Vladimir Vyun

Unlike many other commodities, copper had trouble to establish a clear trend during the current trading session. On one hand, the weakness of the dollar was helping the metal the way it aided other raw materials. On the other, the report that showed deterioration of China’s manufacturing sector hurt the industrial metal. May futures for delivery of copper were down 0.04 percent to $2.7885 per pound as of 13:20 GMT on COMEX today after rising a bit earlier.

Wheat had no trouble establishing trend as prices demonstrated a big drop today. The decline followed the report from the US Department of Agriculture that showed improving conditions for the winter crop. Contract for delivery of wheat in May dropped 1.54 percent to $5.2575 per bushel on CBoT today. Yesterday, prices touched $5.4038 — the highest level in five weeks.

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