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US copper ends down as Chinese demand worries bite

Fri Jun 19, 2009 11:53pm IST
 
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NEW YORK, June 19 (Reuters) - U.S. copper futures weakened into the close on Friday, tracking a negative reversal in equity markets and surrendering their bullish momentum from growing concerns about over-supply issues in China, the world's top copper consumer.

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

* Most-active copper for September delivery HGU9 slipped 2.05 cents to settle at $2.2615 a lb on the New York Mercantile Exchange's COMEX division.

* Session range from $2.2520 to $2.3050.

* COMEX estimated futures volume at 26,974 lots by 1 p.m. EDT (1700 GMT). Final volume on Thursday hit 23,836 lots.

* Open interest up 244 lots at 113,747 contracts open as of June 18.

* Copper ends down in sympathy with late reversal in Dow Jones industrial average .DJI - traders.

* Copper losses limited by weaker dollar after recent batch of economic data dents safe-haven demand for the U.S. currency. [USD/]

* Reports on Thursday showing upbeat U.S. factory and labor data provided more evidence that the global economy is recovering from its deep recession. [MKTS/GLOB]  Continued...

People light candles at a vigil to commemorate the victims of last year's militant attacks in Mumbai, in front of the India Gate in New Delhi November 26, 2009. Mumbai held tearful memorials and police staged a show of strength on Thursday as India's financial hub marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan. REUTERS/Rupak De Chowdhuri
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