Copper fell for the fourth straight day in New York o n Monday, unable to sustain an early bounce from a seven-month low as mounting fears over the global economy continued to darken the demand outlook for industrial metals. Conditions were thin and choppy with the London Metal Exchange (LME) closed for the Diamond Jubilee holiday on Monday and Tuesday.
New York copper prices initially tracked overseas weakness in Shanghai with both markets sinking to their lowest levels since October on follow-through liquidation from Friday's surprisingly soft jobs data in the United States. "The only reason we had a small rally today was because of dollar weakness. Some guys were trying to pick a bottom, but it failed ... copper prices are going to slide closer to the $3 (per lb) level," said Phillip Streible, senior commodities broker at futures brokerage R.J. O'Brien.
COMEX copper for July delivery fell 0.65 cent to settle at $3.3070 per lb, failing to sustain an earlier 1-percent rise to $3.3530 per lb. COMEX copper volumes were relatively healthy with more than 76,000 lots traded in late New York business, in line with the 30-day norm, according to preliminary Thomson Reuters data.
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