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US copper ends sharply lower on resurgent dollar

Mon Jun 15, 2009 11:31pm IST
 
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NEW YORK, June 15 (Reuters) - U.S. copper futures ended with sharp losses on Monday, as a strong dollar fed a wave of liquidation across the broader commodities complex, helping to drag prices of the metal further away from last week's eight-month high.

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

* Copper for July delivery HGN9 plunged 8.85 cents, or 3.7 percent, to settle at $2.2850 a lb on the New York Mercantile Exchange's COMEX division.

* Session ranged from $2.2690 to $2.3945.

* July copper contract under technical pressure after failing to post a weekly close above the major low in February 2007 at $2.38 a lb - CitiFX technicians.

* Next downside objective at $2.23 support. A close below there would open the way for much lower levels - CitiFX technicians.

* Last week, a down dollar, strong import data from China, and upbeat economic data from the U.S. drove the July copper contract to an eight-month peak at $2.4575.

* COMEX estimated futures volume at 28,883 lots by 1 p.m. EDT (1700 GMT). Final volume on Friday at 33,297 lots.

* Open interest went down by 1,621 lots to 113,5-09 contracts open as of June 12.  Continued...

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