US copper ends down as market consolidates records

NEW YORK, May 6 (Reuters) - U.S. copper futures closed down on Tuesday, consolidating Monday's rally to all-time record highs as easing supply concerns in Chile eroded some of the market's recent bullish momentum, traders said.

NOTE: For detailed report, click on [MET/L].

* Copper for July delivery HGN8 ended down 6.90 cents at $3.8785 a lb on the COMEX metals division of the New York Mercantile Exchange. Range was $3.8325 to $3.9420.

* On Monday, the benchmark July contract rallied as much as 44.00 cents, or 11.5 percent, to a new all-time high at $4.2605 a lb, surpassing the previous record high at $4.16 set in May 2006.

* Nearby support seen at Monday's low of $3.82. Resistance pegged at $4.04 to $4.05 - Pioneer Futures analyst Scott Meyers.

* By 12 p.m. (1600 GMT), futures volumes estimated at 12,706 lots. Final volumes on Monday totaled 23,287 lots.

* Open interest rose 1,917 lots at 100,838 contracts open as of May 6.

* Some of the strike fear premium seen leaving the market after subcontract miners agreed to end a 20-day strike at the world's largest copper producer, Codelco - LaSalle Futures Group's head trader Matthew Zeman.

* Subcontract miners started to resume operations at divisions of the copper giant after agreeing late Monday to a government proposal that included a pledge by the company to absorb many of them into its full-time ranks, as well as the payment of a 500,000 peso (US$1,067) bonus agreed in 2007. [ID:nN06455759]