US copper futures traded with moderate losses on Tuesday. Giving up early gains following two weak US economic reports suggesting growth prospects will remain subdued for awhile, traders said. Copper for September delivery lost 2.60 cent, or 0.94 percent, to $2.7445 a lb on the New York Mercantile Exchange's COMEX division.
Last Friday, September copper reached a high at $2.9490, a peak dating back to last September that many participants said had overshot fundamentals. COMEX saw 10 am EDT copper volume at 17,766 lots. Copper slipped off session highs when US housing and inflation data showed surprising declines - traders. COMEX copper warehouse stocks fell by 49 short tons to 53,250 short tons as of Monday. LME copper for three-months delivery slipped to $6,000 a tonne, off Monday's kerb close at $6,050 a tonne.
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