US copper ends down, sets 2-wk low on profit taking
NEW YORK, Dec 10 - U.S. copper futures remained lower into Thursday's close, after setting a fresh two-week low, with a rise in the dollar inspiring more investors to sell and take end-of-year profits, traders said.
For detailed report on global copper markets, click on [MET/L] Copper for March delivery HGH0 finished down 2.05 cents at $3.1030 a lb on the New York Mercantile Exchange's COMEX division.
* Range extended from $3.1435 a lb to $3.0815, the lowestsince Nov. 27.
* As the end of the year approaches, investors have been selling copper along with many other commodities to improve their portfolios - traders.
* Because copper has appreciated during the 2009 fourth quarter, investors who had been long copper were selling the red metal and booking profits - traders.
* Last week, March copper hit its highest level since late August 2008 at $3.2750.
* We saw a run up in November and December has just been profit taking -- clients, institutions booking profits. Copper has been traded like an asset class and you're seeing continued liquidation, said Larry Young, senior trader at Infinity Futures Inc. in Chicago.
* He and others said the selling has picked up heading into year end to year end to improve investor portfolios.
* Copper prices were also hurt when the dollar found renewed strength versus the euro [USD/]- traders.
* COMEX estimated final futures volume at 23,560 lots
* London copper warehouse stocks jumped 3,125 tonnes to 461,625 tonnes on Thursday to their highest level since April. <0#LME-STOCKS>
* COMEX copper warehouse stocks rose by 573 short tons to 91,093 short tons as of Wednesday. CMWSU
* LME's three-month copper MCU3 fell to $6,810 per tonne from $6,945 a tonne.
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