Copper futures in New York remained on the defensive in early trade on Thursday as concerns over a supply glut for next year bolstered new short sales in the market and held prices near 19-week lows, sources said.
By 11:03 am EST (1603 GMT), copper for December delivery was off 2.40 cents at $3.0705 a lb on the New York Mercantile Exchange's COMEX division, near the bottom of its early $3.0680-$3.1020 trading band. On Monday, December copper slid to $3.02, its weakest level since June 28.
The now most-active March contract lost 2.50 cents at its morning low at $3.10. "I think we're going to see March copper test the $3.10 level, and if we can hold that you may see some short-covering move in," said one COMEX floor dealer. Spot November went untraded, settling the previous session at $3.0875. COMEX copper volume by 10:00 am was estimated at only 3,000 lots.
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