US copper futures hit a new four-year low in abbreviated pre-holiday business on Wednesday, pulled down as weak economic data fed concerns about deteriorating demand. New York metals markets settled one hour earlier on Wednesday December 24, and will remain closed on Thursday, December 25 for the Christmas holiday.
Copper for March delivery shed 0.70 cent to settle at $1.2740 a lb on the New York Mercantile Exchange's COMEX division. The range was from $1.3160 to $1.2710 - a new low for a fourth-month position contract dating back to October 2004 on a continuation basis. Comex estimated volume at 2,310 lots by 11 am. Copper surrendered earlier dollar-inspired gains after data on unemployment, spending and durable goods orders reinforced the grim outlook for the US economy in the year ahead.
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