Copper closed down on Thursday as questions about the economic health of the Western world gave pause to a surprisingly strong summer rally that lifted prices to within 5 percent of all-time highs. In New York, the key September COMEX contract shed 2.35 cents to settle at $4.38 per lb.
Momentum has stalled in both London and New York markets after a recent rally drove prices last week to $9,789.75 and $4.4565 respectively, their highest since early April and within five percent of their mid-February records at $10,190 and $4.6350.