US MIDDAY: copper slips on slew rise in economic data

COMEX copper futures declined early Tuesday and then trimmed their losses when a slew of improved US economic data, especially a hefty boost to housing starts, were released shortly after the open, traders said.
Later, however, US industrial production statistics showed a higher rate of output for July, but below expectations, and copper added to losses following the numbers release.
But traders said coppers downside was limited as the market focused on the demand implications of robust readings on the US housing market and improved factory data.
"I think there's still some profit-taking in the market, after the big rally on Friday, more than anything else. I wouldn't read a lot into how coppers reacted to these numbers today at all," said one copper trader.
Active September copper slipped 0.45 cent to $1.3110 a lb on the New York Mercantile Exchanges COMEX division. At the start, it traded in a narrow range between $1.3010 a lb. and $1.3060.