Page 25 - Wan Ling News Today : Breaking News, Live Updates & Top Stories | Vimarsana
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(Updates prices)
LONDON, March 16 (Reuters) - Copper prices slumped on Tuesday as investors shed some of their bullish positions on uncertainty ahead of central bank meetings.
Benchmark copper on the London Metal Exchange (LME) had dropped 1.9% to $8,970 a tonne by 1700 GMT while prices on Comex fell 1.6% to $4.075 per pound.
Copper hit a 9-1/2 year peak of $9,617 last month, having surged by 24% since the start of the year.
“There’s lots of positive news already priced in, lots of positive expectations about electric vehicles. It’s quite natural for some of the smart money to take profits or stay on the sidelines,” said Xiao Fu, head of commodity market strategy at Bank of China International.