The price of copper slid to a three-year low in New York futures trade on Thursday, before staging a mild bounce by the close amid signs of some stability in equities. Despite the modest bounce, the metal's bleak global demand outlook was expected to keep prices under pressure in the near-term, brokers said.
Copper for December delivery settled down 6.10 cents at $1.8045 a lb on the New York Mercantile Exchange's COMEX division. The session range was from $1.8720 to $1.7180, the lowest level for a third-month position dating back to October 2005, based on a continuation basis. Spot October fell 5.55 cents to $1.7955. COMEX estimated futures volume at 18,222 lots as of 1 pm EDT (1700 GMT). Final volumes on Wednesday hit 18,675 lots.