US copper futures plunged almost 7 percent to settle at 15-week lows on Monday as signs that China's economic growth may have peaked spooked markets already fearing potential sovereign defaults in Europe. Copper for July delivery finished down 20.20 cents, or 6.5 percent, at $2.9320 per lb on the New York Mercantile Exchange's COMEX division. Range extended down from $3.1230 to $2.92 - a low not seen since February 8.
COMEX copper stocks were unchanged at 101,242 short tons as of Friday. COMEX copper non-commercial net long position cut to 10,598 lots in week ended May 11, from 13,490 lots a week earlier, according to data from the US Commodity Futures Trading Commission.