US copper futures gave up ground in heavy selling early on Monday as investors became more wary of risky assets and sold commodities across the board, keying off of sharp declines in oil prices and an increase in the dollar against the euro, traders said.
Copper for September delivery was down 9.65 cents, or 3.40 percent, at $2.7395 a lb on the New York Mercantile Exchange's COMEX division. Range extended down to $2.7265, a low from last Wednesday, from $2.84 a lb on the upside. On Friday, September copper rose to a high at $2.9490, a peak dating back to September 29. COMEX estimated futures volume at 20,483 lots by 11 am EDT (1400 GMT).
Comments
Comments are closed.