Dec. 13 (Bloomberg) -- John Stephenson, a fund manager at First Asset Investment Management Inc., talks about the outlook for commodities including copper, gold, corn and crude oil. He talks with Pimm Fox on Bloomberg Television's "Taking Stock."

Copper dropped for the first time in three days as investors sold the metal to lock in gains following the its climb to an all-time high.

Three-month delivery copper on the London Metal Exchange fell as much as 0.4 percent to $9,188.25 a metric ton, and traded at $9,195 by 9:04 a.m. Singapore time. The metal reached a record $9,248 a ton yesterday.

Copper for March-delivery on the Shanghai Futures Exchange gained for a fourth day, by as much as 1 percent, to 69,450 yuan a ton, before trading at 69,100 yuan. Futures on the Comex in New York declined as much as 0.3 percent to $4.1940 a pound, after reaching a 31-month high of $4.2225 yesterday.