US copper ends down, profit-taking outweighs data
U.S. copper futures ended down on Tuesday as a bout of investor profit-taking dragged prices lower despite a double dose of economic data that provided further evidence the world's largest economy was emerging from recession.
For detailed report on global copper markets, click on [MET/L]
* Benchmark copper for December delivery HGZ9 dropped 5.70 cents, or 2.0 percent, to settle at $2.8735 a lb on the New York Mercantile Exchange's COMEX division.
* Range from $2.8635 to $2.9150.
* Copper down in profit-taking pause to rally after upside objective met on Monday, when futures prices broke above the Friday session high of 2.9025 - Larry Young, senior trader at Infinity Futures Inc in Chicago.
* Next upside target is the $2.96 session high from Aug. 14 - Young.
* September futures HGU9 shed 5.90 cents to end at $2.8560.
* COMEX estimated futures volume at 22,845 lots by 1 p.m. EDT (1700 GMT). Final volume on Monday hit 41,776 lots.
* Open interest dipped 382 lots to 117,545 contracts open as of Aug. 24.
* Decline in U.S. monetary base and downturn in bank lending, year-over-year, to contribute to a further correction in copper and other commodities - Michael Pento, chief economist with Delta Global Advisors.
* Copper profit-taking price correction bucks better-than-expected U.S. single-family home prices and consumer confidence. [ID:nN25205751]
* Dollar weak in response to generally upbeat economic data and Ben Bernanke's reappointment as Federal reserve chairman. [USD/]
* London Metal Exchange (LME) warehouse stocks up 3,875 tonnes to 296,600 tonnes on Tuesday. [LME/STX1]
* COMEX copper warehouse stocks gained 73 short tons to 52,484 short tons as of Monday. [CMWSU]
* LME copper for three-months delivery MCU3 closed down $107 at $6,311 a tonne. (Reporting by Chris Kelly; editing by Jim Marshall)
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