US copper futures ended in negative territory for the third straight session on Wednesday as lingering concerns about demand continued to cap the market's upside price potential. Copper for July delivery ended down 3.65 cents at $3.74 a lb on the COMEX metals division of the New York Mercantile Exchange.
The range was from $3.7210 to $3.7810. By 1 pm EDT (1700 GMT), copper volumes estimated at 12,255 lots. Final volumes on Tuesday totalled 15,408 lots. Open interest in the copper market climbed 2,187 lots to 101,017 contracts open as of May 20.
Copper prices consolidate at slightly lower levels after failing to cross the $4.00 (a lb) mark and firmly close above it earlier in the month, said OPTIONSXPRESS futures analyst Rob Kurzatkowski.COMEX copper stocks increased by 181 short tons to 10,597 short tons on Tuesday.
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