US copper futures ended lower on Friday, as negative sentiment continued to grip the market one day after a string of disappointing US data reinforced concerns about the health of the world's largest economy. Copper for September delivery fell 2.75 cents to close at $3.2910 per lb on the COMEX metals division of the New York Mercantile Exchange.
Range extended down from $3.3315 to $3.2495, its lowest level since August 16. COMEX estimated final copper futures volume at 35,235 lots, down from Thursday's 43,647 lots. Open interest up 62 lots at 141,161 contracts as of August 19. Copper hit by growth fears and bearish economic sentiment from Thursday labour market and manufacturing data - Jeff Pritchard, analyst with Altavest Worldwide Trading in Mission Viejo, California.
US jobless claims hit a nine-month high and a US regional manufacturing index showed the first contraction in a year, reviving fears of a double-dip recession in the economy. Technical support seen at 200-day moving average near $3.23 level - Pritchard.
Copper losses mirror weakness in euro versus dollar - traders. London Metal Exchange (LME) copper warehouse stocks fell by 1,800 tonnes on Friday to 401,725 tonnes, down from 6-1/2 year high at 555,075 tonnes in mid-February. Shanghai copper stocks off 3 percent at 110,371 tonnes in latest week. COMEX copper inventories shed 132 short tons at 96,506 short tons as of Thursday. LME copper for three-months delivery went untraded at the close, but bid at $7,252 a tonne from $7,309 at the close on Thursday.
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