US copper futures lost more than 5 percent by the close on Thursday as underlying economic gloom and renewed strength in the dollar reinvigorated another bearish push to the downside. Copper for December delivery slipped 9.35 cents, or 5.1 percent, to close at $1.7255 a lb on the New York Mercantile Exchange's COMEX division.
Session range from $1.7050 to $1.8210. COMEX estimated final volume at 22,041 lots, compared with Wednesday's 29,115 lots. Open interest fell 157 lots to 77,819 contracts as of November 5. COMEX copper resumes its downtrend following Tuesday's preelection short-covering rally as market refocuses on its negative supply/demand outlook, said Bill O'Neill, partner of LOGIC Advisors in Upper Saddle River, New Jersey. Sharp losses in global equity markets add to the negative economic sentiment.
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