New York copper futures fell like a stone on heavy selling at Tuesday's open after another big jump in exchange warehouse inventories, traders said. The selling soon slowed after stop-loss sell orders got triggered on the way down.
"We're a little quiet right now, but we were really active a bit earlier. London came in a lot lower, so we were getting in line with them, and on the way there were some stops hit on the downside," a COMEX floor broker said.
At the New York Mercantile Exchange's COMEX division, benchmark September copper was down 3.95 cents or 2.40 percent at $1.6070 per lb after tumbling to an early low of $1.5985.
Spot August copper lost 3.20 cents to $1.6550 and had slid earlier to $1.6420. It set an all-time high of 1.7090 last Wednesday, driven in large part by steep declines in inventory levels. But that changed with a series of large additions to London Metal Exchange warehouses, the latest of which occurred on Tuesday.
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