US copper futures closed lower on Wednesday, pressured by the dollar's advance on the euro, but traders said the red metal's overbought conditions were ripe for some downward correction after hitting a 21-month high in the previous session. Copper for May delivery closed down 1.95 cents at $3.5975 per lb on the NYMEX's COMEX division. Range remained narrow at $3.5860 to $3.6350.
On Tuesday, May copper reached its highest level since early July 2008 at $3.6385. COMEX pegged final copper futures volume at 35,308 lots. Copper fell overnight and stayed at lower levels into the close as prices corrected from the 21-month highs set a day earlier - traders. LME copper warehouse stocks were down by 1,925 tonnes at 510,650 tonnes on Wednesday as they continue to come off the 6-1/2 year high of 555,075 in mid-February.
COMEX copper stocks stood even at 101,128 short tons as of Tuesday. LME copper closed the evening kerb lower at $7,945 per tonne, off Tuesday's close of $7,990 per tonne. LME copper hit a 20-month high on Tuesday at $8,010.