US MIDDAY: copper dips

Copper retreated from a fresh 4-month peak on Friday, hit by a weaker euro and disappointing data from China that signalled a sluggish start for the metal-consuming giant's manufacturing sector. In New York, the key March COMEX contract shed 5.55 cents or 1.5 percent to settle at $3.7450 per lb, after touching its own four-month peak at $3.8340.
COMEX copper open interest hit a three-month peak near 132,500 lots during the New Year rally in the futures price. Trade volumes Friday stood near 60,000 lots in late New York business, up nearly 40 percent from the 30-day norm, according to preliminary Thomson Reuters data.