US copper down

Copper closed down on Thursday as questions about the economic health of the Western world gave pause to a surprisingly strong summer rally that lifted prices to within 5 percent of all-time highs. "Basically what we are looking at right now is double-edged sword from the perspectives of the European sovereign debt issues and economic concerns here in the US," said David Meger, vice president and director of metals trading with Vision Financial Markets in Chicago.
In New York, the key September COMEX contract shed 2.35 cents to settle at $4.38 per lb. Momentum has stalled in both London and New York markets after a recent rally drove prices last week to $9,789.75 and $4.4565 respectively, their highest since early April and within five percent of their mid-February records at $10,190 and $4.6350.