Copper lost close to 5 percent of its value in New York futures trade on Wednesday as sentiment soured across the broader base metals complex due to bearish inventory flows and dismal demand prospects. Copper for March delivery plunged 7.10 cents, or 4.7 percent, to settle at $1.4335 a lb on the New York Mercantile Exchange's COMEX division.
COMEX estimated futures volume at 12,777 lots by 1 pm EST (1800 GMT). Final volumes on Tuesday hit 16,236 lots. London Metal Exchange copper stocks rose by 8,375 tonnes to 417,475 tonnes, their highest level since January 2004. COMEX copper stocks increased 240 short tons to 36,960 short tons as of Tuesday. Copper's bleak demand outlook reflected in growing surplus of the metal.