US copper extends pull-back as sentiment turns sour
NEW YORK, April 28 (Reuters) - U.S. copper futures settled down at a new three-week low on Tuesday, as fears about the stability of the financial sector and a potential economic fallout from a flu pandemic soured sentiment.
For detailed report on global copper markets, click on [MET/L]
* Copper for July delivery HGN9 fell 6.90 cents, or nearly 3.5 percent, to close at $1.9165 a lb on the New York Mercantile Exchange's COMEX division.
* Lowest settlement since April 2.
* Session range from $1.9005 to $1.9990.
* Copper down in extended correction from 200-day moving average just below $2.25 a lb. Bearish technical momentum could drive prices down to the $1.82-$1.86 area - Matthew Zeman, head of trading with LaSalle Futures Group in Chicago.
* Inability to hold that level could set the stage for a test of the 100-day moving average at around $1.64 - Zeman.
* COMEX estimated electronic futures volumes at 22,019 lots by 1 p.m. EDT (1700 GMT). Final Monday volume totaled 21,898 lots.
* Open interest rose 742 lots to 105,526 contracts as of April 27. Continued...
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