US copper futures cut losses

US copper futures cut their losses by the close on Thursday as support held near the $1.40 level after a surge in inventories and bearish economic data ignited an early sell-off. Copper for March delivery fell 3.85 cents to settle at $1.4575 a lb on the New York Mercantile Exchange's COMEX division.
Session ranged from $1.4210 to $1.5020. COMEX estimated volume at 11,772 lots by 12 pm EST (1700 GMT). Final volume on Wednesday hit 19,830 lots. Kazakhmys said its 2008 annual copper cathode output was ahead of expectations, but that its 2009 copper cathode production would fall to around 300,000 tonnes. Japan's December exports of refined copper rose 47 percent from a year before, the Ministry of Finance said, while its refined zinc exports fell 37 percent.