copper ends down as EU debt woes cloud recovery
May 19, 2010 2:33pm EDT
YORK, May 19 (Reuters) - U.S. copper futures ended lower
Wednesday, as investors continued to dump risk amid
concerns in Europe and after Germany's move to ban short-selling
securities added to the region's uncertain economic
detailed report on global copper markets, click on [MET/L]
for July delivery HGN0 dropped 7.15 cents, or 2.4 percent,
to settle at $2.9595 per lb on the New York Mercantile
from $2.9265 to $3.0135.
estimated copper futures volume at 44,083 lots by 1
(1700 GMT). Final volume on Tuesday hit 43,402 lots.
* Open interest
fell by 6,561 lots to 128,554 contracts open.
down in sympathy with broader market amid uncertain
problems in Europe. Size and scope of problems seen
keeping pressure on
copper - Shawn Hackett, president of Hackett Financial
Advisors, Inc. in
Boynton Beach, Florida.
announced Tuesday a ban on some high-risk bets that
bonds and stocks will, in an attack on financial speculation
on which it
blames much of the euro zone's debt crisis. [ID:nSGE64I073]
actions creating uncertainty in market and fanning investor
worries they will not be able to hedge their European
holdings - Dahlman
* The new
rule places more pressure on euro as investors may choose
sell the currency given the fewer alternatives to wage
bearish bets -
* Euro rallied
on rumors of potential meetings or European Central
data showed drop in U.S. consumer prices for first time
year, pointing to a lack of price pressure as economic
at Chile's giant Collahuasi copper mine returned to
normal, as subcontractor protest that disrupted output
waned on its 12th
copper market in surplus of 135,000 tonnes in the first
quarter of this year, versus a 146,100-tonne surplus
in same period in 2009
- the World Bureau of Metal Statistics (WMBS). [ID:nLDE64I0YB]
copper stocks <0#LME-STOCKS> fell by 925 tonnes
tonnes on Wednesday.
copper stocks held steady at 101,242 short tons as of
* LME copper for three-months delivery CMCU3 last quoted
$6,500/6,505 at the close from Tuesday's close at $6,700.