US copper futures ended lower on Thursday, as broader market sentiment soured from pessimistic growth forecasts from the Federal Reserve and data showing further job market weakness. Copper for July delivery shed 5.55 cents, or 2.6 percent, to settle at $2.0510 a lb on the New York Mercantile Exchange's COMEX. Session ranged from $2.0135 to $2.10.
Market down in lower band of consolidation at around the $2.05 level. Benchmark July contract needs to hold above the Monday session low at $1.9790 to keep trend intact - Tom Hartman, broker with Altavest World-wide Trading in Mission Viejo, California. COMEX estimated futures volume at 17,602 lots by 1 pm EDT (1700 GMT).
Final volume on Wednesday hit 17,478 lots. As of May 20, open interest rose by 604 lots to 106,395 contracts open. Copper weakens in sympathy with sell-off on Wall Street and amid general concerns about whether or not there will be another leg down or a big correction in equities - Hartman.