Copper futures in New York tumbled more than 2 percent at the open on Wednesday, pressured by a weak technical backdrop and a resumption of stock builds in London warehouses, sources said.
"In the copper, it's the rising supply and lack of demand that is weighing on the market. If anything, we're still under the effect of that reversal from $3.60 (a lb) in mid-October," said one COMEX copper dealer.
By 10:27 am EST (1527 GMT), copper for December delivery was down 8.25 cents, or 2.45 percent, at $3.2830 a lb on the New York Mercantile Exchange's COMEX division, near the bottom of its early $3.2750 to $3.3645 trading band. Spot November fell 5.55 cents to $3.29, dealing from an early low at $3.2750 to $3.2955. COMEX copper volume at 9 am was estimated at 4,000 lots.
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