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US copper settles down in profit-taking pull-back

Mon Apr 14, 2008 11:42pm IST
 
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NEW YORK, April 14 (Reuters) - U.S. copper futures at the New York Mercantile Exchange's COMEX division ended down but away from their session lows on Monday, as concerns about the metal's demand outlook spurred some profit-taking losses, analysts said.

NOTE: For detailed report click on [MTL]

* Active May copper HGK8 ended down 4.80 cents at $3.8965 a lb. Range was $3.8155 to $3.9575.

* Last week, May copper hit a contract high at $4.0390. It was the highest level for a second-month contract on a spot continuation basis since May 2006.

* By 1 p.m. EDT (1700 GMT), futures volumes were estimated at 19,817 lots. Friday volumes totaled 24,080 lots.

* Open interest in market climbs 1,188 lots to 105,637 contracts open as of April 11.

* Copper prices consolidated at slightly lower levels after prices pulled back from last week's break above $4.00 a lb.

* Copper's ability to find support at its 20-day moving average at around $3.8180 likely to keep the bull-trend intact - analyst.

* The dollar surrendered earlier gains as worries about a gloomy U.S. economic outlook weighed on sentiment.  Continued...

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