US MIDDAY: copper ends down

Copper fell more than one-percent on Monday, failing to join in a broad-based equities rally as concerns about the sustainability of the global economic recovery began to bite. A sharp reduction in China's imports of the metal last month and an unexpected plunge in US existing home sales added to the bearish tone, reflecting a worrisome short-term demand outlook from the red metal's two-biggest customers.
COMEX May copper closed down 5.30 cents, that is 1.2 percent, at $4.2860 per lb, near the bottom of its $4.2665 to $4.3685 range. Prices are down about 8 percent from last month's record highs at $10,190 per tonne and $4.6575 per lb. Economists are certain the cost will exceed that of a 1995 quake in Kobe, estimated at $100 billion, and base metals will be crucial to rebuilding efforts.
In other metals, aluminium rose to a session high of $2,604 a tonne before trimming gains to close up $10 at $2,570. Pressuring prices, International Aluminium Institute data showed China bumped up its production of primary aluminium to a record high daily average of about 116,200 tonnes in February, from a revised 110,300 tonnes in January.