US copper futures drifted down below $3.00 per lb Tuesday after data showing a lower-than-expected level of consumer confidence lifted the dollar and dampened economic recovery hopes. Copper for December delivery slipped 1.20 cents to settle at $2.9990 a lb on the New York Mercantile Exchange's COMEX division. Range from $2.9440 $3.0290. On Monday, contract hit a 13-month high at $3.0690. COMEX estimated futures volume at 29,308 lots by 1 pm EDT (1700 GMT). Final volume on Monday hit 29,216 lots.
Open interest up 469 lots at 135,666 contracts as of October 26. Two-day bounce in the dollar creating fatigue in market. Copper seems to be wavering around the $3.00 level - Matthew Zeman, head of trading with LaSalle Futures Group in Chicago.
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