US copper futures at the New York Mercantile Exchange's COMEX division ended down but away from their session lows on Monday, as concerns about the metal's demand outlook spurred some profit-taking losses, analysts said.
Active May copper ended down 4.80 cents at $3.8965 a lb. Range was $3.8155 to $3.9575. Last week, May copper hit a contract high at $4.0390. It was the highest level for a second-month contract on a spot continuation basis since May 2006.
By 1 pm EDT (1700 GMT), futures volumes were estimated at 19,817 lots. Friday volumes totalled 24,080 lots. Open interest in market climbs 1,188 lots to 105,637 contracts open as of April 11. Copper prices consolidated at slightly lower levels after prices pulled back from last week's break above $4.00 a lb.
Copper's ability to find support at its 20-day moving average at around $3.8180 likely to keep the bull-trend intact - analyst. The dollar surrendered earlier gains as worries about a gloomy US economic outlook weighed on sentiment. Dollar was up in Asian trade overnight after weekend comments from the Group of Seven suggested the dollar's decline was a growing concern.
"Since our last meeting, there have been at times sharp fluctuations in major currencies, and we are concerned about their possible implications for economic and financial stability. We continue to monitor exchange markets closely, and cooperate as appropriate." - G-7. In afternoon trade in New York, the euro was up 0.2 percent at $1.5836, above pre-G7 levels of around $1.5800 and well up from the post-G7 low around $1.5670.