US copper futures settled at their lowest levels in nearly three weeks on Wednesday, as rising inventories and fears about mounting debt issues around the world limited investor risk exposure and continued to buoy the safe-haven status of the dollar. Lowest settlement since November 19.
Range from $3.1065 to $3.1920. Last week, March copper hit $3.2750, its highest level since late August 2008. COMEX estimated futures volume at 23,077 lots by 1 pm EST (1800 GMT). Final volume on Tuesday hit 31,021 lots. Open interest down 1,795 lots to 147,950 contracts as of December.
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