COMEX copper for September delivery fell 1.90 cents to settle at $3.4215 per lb, after dealing in a range between $3.4030 and $3.4330. On Tuesday, it rallied to a one-week high at $3.4490. COMEX volumes neared 56,500 lots in late New York trade, more than a quarter above the 30-day norm, according to preliminary Thomson Reuters data.
Investor focus will now shift to Chinese inflation and industrial production figures due on Thursday and Chinese trade data Friday for an indication of the pace of growth in a country that accounts for around 40 percent of global copper demand. "China's macro data tomorrow and the trade data on Friday are fairly important for direction as it's a confused picture for copper," said Standard Chartered analyst Daniel Smith.