US copper futures closed lower on Tuesday, after touching their lowest levels in seven months, as a sharp sell-off in crude oil triggered a wave of liquidation in the broader commodity complex, analysts said. Copper for December delivery shed 11.40 cents to close at $3.2730 a lb on the New York Mercantile Exchange's COMEX division. Spot September finished down 10.70 cents at $3.3225.
By 1 pm EDT (1700 GMT), COMEX estimated futures volume at 18,355 lots. Final volume on Friday totalled 10,628 lots. The prices paid index fell to 77.0 from 88.5. The net short position held by non-commercial investors grew to 11,052 lots in the week ended August 29, compared with a net short of 9,127 lots the previous week.
International Copper and Study Group data showed the market narrowed to a 155,000-tonne deficit in January to May, from a 238,000-tonne deficit last year. LME copper for delivery in three-months closed at $7,270 a tonne, after shedding more than $200 on Monday.
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