In New York, the key COMEX March contract fell 1.05 cents to settle at $3.7910 per lb, after dealing from a three-week low at $3.7275 to $3.8125. Volumes crossed 70,000 lots in late New York business, up more than 20 percent from the 30-day norm, according to preliminary Thomson Reuters data.
Copper continued to be pushed and pulled with headlines out of Europe, pushing higher in late after hours trade after a euro zone official said EU leaders were putting the finishing touches to a second bailout for Greece that is needed to avoid a chaotic debt default.
"What this means for metals is more to do with how it affects China and America. America has a fragile economic recovery and it (the Greek debt crisis) is hurting Chinese exports to the euro zone. I think copper could dip to $8,000 or $7,900, depending how long people are willing to take profits," said VTB Capital analyst Andrey Kryuchenkov.
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