Copper declines

SINGAPORE - Copper dropped from London to New York, tumbling alongside other commodities, after a report of a peace plan for Libya triggered a slump in oil.

Three-month copper on the London Metal Exchange fell as much as 0.7 percent to $9,817 a ton, and traded at $9,846 at 3:27 pm in Singapore on Thursday. Futures on the Comex in New York declined as much as 0.6 percent.

"The sudden drop in oil prices dragged all the other commodities down," said Wu Pengfei, an analyst at Shanghai Liangmao Futures. "It's a knee-jerk reaction and investors are likely to stay sidelined until the situation becomes clearer."