US copper futures slid on Wednesday after a government report showed new US home sales slumped to their slowest pace on record, exacerbating demand worries, but prices trimmed some of those losses by the close, along with equities markets.
Copper for September delivery fell 3.0 cents, or 0.93 percent, to close at $3.2110 per lb on the metals division of the New York Mercantile Exchange. Range extended down from $3.2590 to $3.1775. COMEX estimated final copper futures volume at 40,683 lots. Open interest rose 890 lots to 139,877 contracts as of August 24.
Copper prices added to early declines after July new home sales data came in worse than expected, said traders. "Copper continues to be under pressure with the sense of deflation in the US market. The latest housing numbers have pressured the market a lot. I wouldn't be surprised if we see some build-up in stock," said Frank McGhee, head precious metals trader with Integrated Brokerage Services LLC in Chicago.
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