US copper futures steadied at slightly lower levels early Thursday after prices broke below key technical support in response to weaker-than-expected housing and employment data. Copper for March delivery fell 1.70 cent to $1.4165 a lb by 10:37 am EST (1537 GMT) on the New York Mercantile Exchange's COMEX division. The morning range from $1.4065 to $1.4830.
Larry Young, senior trader at Infinity Futures Inc in Chicago, said the market was consolidating near its weekly lows, trying to develop a trading signal for Friday. COMEX estimated futures volume at 4,300 lots by 9 am COMEX copper breaks below key downside support in response to grim housing and employment data pointing to an acceleration in the economy's downward spiral.
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