US copper futures fell back below the $2.00 a lb mark early Thursday as a surge in overnight inventory levels rekindled demand concerns and helped put the brakes on this week's short-covering rally. Copper for December delivery traded 10.40 cents, or 5 percent, lower at $1.9840 a lb by 10:00 am EDT (1400 GMT) on the New York Mercantile Exchange's COMEX division.
The morning range from $1.9675 to $2.1720. Since hitting a three-year low at $1.6265 on Monday, the benchmark December contract has rallied 33.5 percent. COMEX estimated futures volume at 4,343 lots by 9 am. Copper losses buck weaker tone in the US dollar and strength in global equity markets, one day after the US Federal Reserve cut the benchmark Fed funds rate by 1/2 point, to 1 percent.
Comments
Comments are closed.