US copper futures ended lower on Friday, but were able to withstand greater losses sparked by disappointing employment data that initially slammed commodity and equity markets alike. Copper for December delivery eased 0.45 cent to settle at $2.9525 a lb on the New York Mercantile Exchange's COMEX division. Range ran from $2.9250 to $3.0045.
COMEX estimated futures volume at 38,962 lots by 1 pm EST (1800 GMT). Final volume on Thursday hit 31,840 lots. Open interest up 1,327 lots to 139,903 contracts open as of November 5. Copper consolidating within recent range between $2.90 and $3.05, marking time until further direction given from data or equity markets - Sterling Smith, an analyst for Country Hedging Inc in St. Paul, Minnesota.
US employers cut 190,000 jobs in October. Unemployment rose to 10.2 percent. Revised job losses for August and September showing 91,000 fewer jobs were lost than previously expected provide mild support - Bob Haberkorn, Lind-Waldock senior market strategist. Copper's steadier price action bucks across-the-board supply builds in global warehouses.
London Metal Exchange (LME) warehouse stocks rose by 5,750 tonnes to 385,575 tonnes on Friday, their highest level since early May. Copper stocks in warehouses monitored by the Shanghai Futures Exchange rose 1,440 tonne, or percent, to 104,275 tonnes, their highest since late April, 2004.
COMEX copper warehouse stocks added another 568 short tons on Thursday, bringing total warehouse levels to 64,160 short tons. Repair work at BHP Billiton's Olympic Dam uranium and copper mine in Australia is on track for a resumption of full production between January and March next year. LME three-month copper ends down $40 at $6,490 a tonne.
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