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US copper ends lower, dollar rebound saps strength

Fri Jun 12, 2009 11:37pm IST
 
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NEW YORK, June 12 (Reuters) - U.S. copper futures ended down on Friday, swept up in a dollar-induced sell-off across the broader commodity complex that pulled the price of the metal back down from the prior day's spike to an eight-month high above $2.45 a lb.

For detailed report on global copper markets, click on [MET/L]

* Copper for July delivery HGN9 slumped 7.15 cents, or 2.9 percent, to settle at $2.3735 a lb on the New York Mercantile Exchange's COMEX division.

* Session range from $2.36 to $2.44.

* On Thursday, a weaker U.S. dollar, constructive import data from top metal consumer China, and upbeat U.S. retail sales and weekly jobless claims data drove benchmark July contract to an eight-month peak at $2.4575 a lb - analysts.

* China's May imports of unwrought copper and semi-finished copper products hit a fresh high for the fourth straight month on continued arbitrage trade. [ID:nHKG186125]

* China's production of refined copper fell 2 percent from April's second-highest level ever because of reduced scrap supplies, easing pressure on domestic stocks after record imports in the past four months. [ID:nPEK326641]

* COMEX estimated futures volume at 29,160 lots by 1 p.m. EDT (1700 GMT). Final volume on Thursday at 38,103 lots.

* Open interest went up 1,784 lots to 115,130 contracts open as of June 11.  Continued...

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