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Comex copper prices closed lower on Tuesday as players cashed in on gains from Monday's rally to 8-1/4-year highs, with a stronger dollar and easier London copper also pressuring futures, dealers said.
Active May copper fell 2.25 cents to $1.3760 a lb, ranging from $1.4030, the overnight high set in electronic ACCESS trade, to $1.3755 a lb.
Spot March lost 2.35 cents to end at $1.3710 and the rest were down 1.25 cents to 2.30 cents.
Traders said copper participants were digesting on Monday's jump to the highest level since December 1995 in New York, bolstered by continued world warehouse inventory declines and robust copper demand from China.
"Yesterday it was a bit overbought, and today there was a little fund profit-taking," said a floor trader. "I would expect these volatile swings from day to day with the market this high, and we're going to have to build a foundation."
One Comex trader pegged support in key March futures down near $1.36, with resistance lurking at $1.3850/70 and $1.40. In London, 3-months copper ended off $23 at $3,002 a tonne, after ranging from $2,990 to $3,053, a 8-1/2-year high.
In currencies, the euro fell 2 percent against the US dollar amid a broad dollar rally on growing optimism the February US payrolls report due on Friday will be strong.
A higher dollar typically dampens interest in dollar-priced metals from traders holding foreign currencies.
The decline of the euro by more than 2.35 US cents marks the biggest fall in absolute terms for the single European currency since it was launched on January 1, 1999.
It was last at $1.2220. Copper inventories fell further, lending support to the market, traders said.
London Metal Exchange coppers warehouse stocks fell 2,900 tonnes to 278,600 tonnes on Tuesday. Comex stocks lost 1,097 short tons to 241,606 tons on Monday's daily data.
Meanwhile, the New York Mercantile Exchange said copper futures traded on its Comex division set a monthly volume record at 385,848 contracts in February, surpassing the record of 363,865 lots traded in November 2003.

Copyright Reuters, 2004

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