US copper futures extended declines into a third straight day on Thursday, as fresh anxiety over the fiscal stability of Greece weighed on sentiment, but a late rebound in equities helped the metal recover a portion of its earlier losses. Copper for May delivery fell 1.10 cents to settle at $3.5865 per lb on the NYMEX's COMEX division.
Range extended down from $3.59 to $3.5350, its lowest level since March 31. On Tuesday, May copper peaked at $3.6385 per lb, a high dating back to early July 2008. COMEX estimated copper futures volume at 32,799 lots by 1 pm EDT (1700 GMT). Final volume on Wednesday at 41,592 lots. COMEX copper stocks were flat at 101,128 short tons as of Wednesday.
Chinese March imports of unwrought and semi-finished copper products likely stayed flat or fell slightly from a month ago as margins for profit-driven spot inflows sank. China's Xiangguang Copper plans to triple production capacity by first half of next year as construction of a second phase unit and upgrade projects are completed. LME copper closed at $7,895 per tonne from $7,945 at the close on Wednesday.
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