Copper slips over 4%, the most in four months

Copper prices fell the most in four months on concern that China and the US will speed up plans to unwind economic-stimulus measures. The metal fell more than 4%. Others like Aluminium and Zinc also lost 3 to 5%.

Crude prices fell more than 1% to near a five-week low as a government report showed inventories of gasoline rose to a 22-month high in the US. Crude is currently trading below the USD 74 a barrel.

The Dollar traded near a six month high agianst the Euro, with the Euro falling below 1.40 for the first time since July. The Dollar index is currently trading above the 78 mark.

By Manisha Gupta, Commodities Editor at CNBC-TV18

Commodity watch

The Reuters CRB Index declined 2% and slipped to 7-week lows.

Currency watch

The US Dollar was at 6-month high versus euro. Fed offered cautiously upbeat view of US economy and renewed pledge to keep rates near 0.

Crude

Nymex Crude March futures traded at 5-week lows, which declined 1.4% to USD 73.67/bbl. US gasoline inventories were at 22-month high and have declined 11% since January 8. Natural gas declined 3.9%.

Base metals

Base metals fell after unexpected drop in US new home sales and on concerns that rates could be headed higher.

Copper declined to 5-week low; Comex Copper was down 3.5% and LME Copper down 2.5%.

Australia's Century zinc mine stopped production and Aluminium was at 2-month low.

Agro commodity

Wheat was at 3-month lows. Corn fell 1.1% at 3-month lows on Wednesday, which was down 14% in January.

Soybean fell 2%, biggest decline since January.