US copper futures ended down but off session lows on Tuesday in another consolidating session with spread business the main feature ahead of July's first notice day on Thursday, market sources said. "Even though we closed lower, it was another steady performance where the market is not showing any downside momentum," said one trader.
Benchmark September futures at the New York Mercantile Exchange's Comex division settled down 0.90 cent at $1.5540 a lb., trading from $1.5420 to $1.5640.
Still-active July copper lost the same to finish the day at $1.5890 a lb., after moving between $1.5775 to $1.6010.
Spot June, which expired at the end of trade, sank 4.9 percent, or 8.20 cents, to $1.60 a lb., as investors liquidated positions before the expiration.
Comex estimated final copper volume reached 20,000 lots, versus 18,509 lots recorded on Monday. Copper futures have been rangebound for the past week since hitting 16-year highs on Thursday, June 16, when concerns about tight supplies combined with short-cover buying boosted prices through resistance levels.
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