Copper drops to one-week low

Copper prices fell on Monday to a one-week low amid negative pressure on commodities as the dollar steadies on the back of expectations for a Fed rate hike in March.
 
Copper last traded at $2.660 a pound, down from the opening of $2.696, with a session-high at $2.700, and a low at $2.646.
 
Copper's current drop comes after wavering last week as markets follow the moves of the dollar and its impact on commodities, specially after setting a seven-week high last week.
 
On the other hand, odds surged for a U.S. rate hike in the Federal Reserve's meeting this month after Fed Chair Yellen's bullish speech on Friday, paving the way for policy tightening as the economy reaches the bank's employment, inflation targets.
 
The dollar index, tracking the greenback against a basket of six major currencies, rose to 101.49 from the opening of 101.31, with an intraday low at 101.20, and a high at 101.63.