Do More With Reuters
Partner Services

US copper ends down sharply as economic woes linger

Thu May 21, 2009 11:48pm IST
 
Email | Print | | Single Page
[-] Text [+]

NEW YORK, May 21 (Reuters) - U.S. copper futures ended lower on Thursday, as broader market sentiment soured from pessimistic growth forecasts from the Federal Reserve and data showing further job market weakness.

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

* Copper for July delivery HGN9 shed 5.55 cents, or 2.6 percent, to settle at $2.0510 a lb on the New York Mercantile Exchange's COMEX.

* Session range from $2.0135 to to $2.10.

* Market down in lower band of consolidation at around the $2.05 level. Benchmark July contract needs to hold above the Monday session low at $1.9790 to keep trend intact - Tom Hartman, broker with Altavest Worldwide Trading in Mission Viejo, California.

* COMEX estimated futures volume at 17,602 lots by 1 p.m. EDT (1700 GMT). Final volume on Wednesday hit 17,478 lots.

* As of May 20, open interest rose by 604 lots to 106,395 contracts open.

* Copper weakens in sympathy with sell-off on Wall Street and amid general concerns about whether or not there will be another leg down or a big correction in equities - Hartman.

* U.S. equites slid as signs of further job market weakness and a disappointing Fed regional survey added to doubts that the economy was set for quick recovery.  Continued...

  Smoke and fire billows out of the Taj Hotel in Mumbai November 27, 2008.   REUTERS/Jayanta Shaw
One Year Later

A look back at the events of 26/11 ahead of the first anniversary of the militant attacks in Mumbai that killed 166 people.  Slideshow | Full Coverage 

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

Thierry Henry's handball scandal

Barcelona's Thierry Henry takes part in a training session at Nou Camp Stadium in Barcelona, November 23, 2009. Barcelona and Inter Milan will play their soccer Champions League match on Tuesday. REUTERS/Albert Gea
FIFA to hold meeting

FIFA to hold an extraordinary meeting before World Cup draw to discuss Thierry Henry's handball in the qualifiers and discovery of match-fixing ring by German police.  Full Article