US copper futures surrendered earlier gains to close down on Thursday after a rebound in the dollar sparked a broad-based sell-off in the metals complex, traders said.
Copper for July delivery ended down 3.20 cents at $3.7125 a lb on the COMEX metals division of the New York Mercantile Exchange. The session range ran from $3.6605 to $3.7895. By 1 p.m. EDT (1700 GMT), volumes estimated at 15,169 lots. Final volume on Wednesday totalled 12,769 lots.
Open interest declined 1,137 lots to 99,880 contracts as of May 21. Copper prices stuck in a two-month trading range between $3.65 and $4.00. Copper's long-term price trend higher as market holds firmly above its 200-day moving average ($3.4649), said LaSalle Futures Group's head of trading, Matthew Zeman. COMEX copper stocks were up 24 short tons to 10,621 short tons on Wednesday.
Comments
Comments are closed.