Copper futures in New York extended their morning losses on Friday, after weaker-than-expected US economic data continued to reflect contracting business activity in the world's largest economy, brokers said.
"This data just continues to highlight concerns already in place that the slowing economy will reduce physical demand within the metals," said one commodity broker based in New York.
By 11:04 am EST (1604 GMT), copper for March delivery was off 4.05 cents at $3.1550 a lb on the New York Mercantile Exchange's COMEX division, just above the lower end of its early range between $3.1425 and $3.20. Spot December slipped 4.15 cents to $3.13. COMEX copper futures volume was estimated at 3,000 lots by 10:00 am.
The Institute for Supply Management said its index of national factory activity dropped to 49.5 from 51.2 in October, below economists' median forecast for a slight rise to 51.5. This was the first time that the index had fallen below 50 since April 2003, when a reading of 46.5 was recorded. A reading below 50 indicates shrinkage in the sector.
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