New York copper softens

US copper futures closed down on Monday but managed to hold and settle above the $1.80 a lb. level in quiet dealings due to the beginning of the London Metal Exchange dinner week, sources said.
Metal consumers, producers, analysts and industry officials, who brainstorm on market trends, generally attend the LME annual convention.
"It's going to be a very quiet week. Everybody looks for a big sell-off in the market during the LME week but we're not going to get it. I think it's going to just chop around in a tight range this week," said one broker.
Copper for December delivery ended the day at $1.8110 a lb., down 0.90 cent at the Comex division of the New York Mercantile Exchange, after moving between $1.80 and $1.8280.
Dealers pegged resistance at its contract high, set last week at $1.8580, while support was seen at last week's low of $1.7225 a lb. Spot November settled unchanged at $1.8960 a lb. and deferred or back month contracts lost 0.85 to 1.00 cent.
Comex final copper volume was estimated at 21,000 lots, versus on Friday's official count at 10,561 lots. News over the weekend that union workers tentatively ended a four-week strike at a mine in Canada may have prompted some of the speculative selling, dealers said.
Members of the Canadian autoworker's union ratified a three-year labour contract, ending a strike that began on October 1 at Falconbridge Ltd's Kidd Creek facility in northern Ontario.
The nonreportable net long position fell to 963 lots from 1,487 lots previously. Adding to the market's downside pressure was a firmer dollar against the euro following a jump in US personal income and an increase in core inflation that strengthened expectations of more interest rate increases.
US personal income grew 1.7 percent, the largest rise since December 2004, as insurance payments in the wake of Hurricanes Katrina and Rita increased at an $120 billion annual rate.
The dollar then extended its gains after a reading of US Midwest business activity was more robust than expected. The Chicago purchasing management index reading for October was 62.9, above analysts' forecasts for 58.0.
In afternoon trade in New York trade the euro was trading down at $1.1989, about 0.6 percent lower from late on Friday. London three-month copper closed at $3,912 a tonne versus $3,878 on Friday.
It had traded as high as $3,946.