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DJ BASE METALS: Comex Copper Futures Decline On US GDP Revision77 days ago
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Copper futures eased slightly Tuesday as U.S. economic data pointed to a slower economic recovery, inventories of the metal continued to rise, participants booked profits from the previous day's rally and the U.S. dollar steadied.
Most actively traded copper futures, for March delivery, fell 1.85 cents to settle at $3.1435 a pound on the Comex division of the New York Mercantile Exchange. Thinly traded nearby November copper lost 2.15 cents, to $3.1120.
Revised gross domestic product data showing the U.S. economic recovery isn't as robust as previously thought pressured the metal, said Michael Gross, broker and futures analyst with OptionSellers.com.
GDP rose at a 2.8% annualized rate July through September after falling by 0.7% in the second quarter, the Commerce Department reported. A month ago, the department first estimated that GDP rose by an annualized 3.5% in the third quarter. The new figure was largely in line with forecasts. Economists surveyed by Dow Jones Newswires were expecting the GDP revision to show growth of 2.7%.
Frank Lesh, broker and futures analyst with FuturePath Trading, said there are concerns that the fourth quarter won't be as strong. That could damp copper prices because the metal is widely used in construction, electronics and automobiles.
Lesh added that there was pressure Tuesday from falling crude oil and other commodities, as well as equities, and from profit-taking following Monday's gains.
In recent trading, the ICE Futures U.S. dollar index was up 0.005 point at 75.090, Nymex January crude was down $1.65 at $75.91 and the Dow Jones Industrial Average was off 29.25 points at 10421.70.
On Monday, copper hit its highest level in more than a year in response to dollar weakness and equity strength, although the metal pared its gains as some traders unwound bullish positions in order to book profits.
Meanwhile, inventories of copper continue rising. Copper stored in London Metal Exchange-monitored warehouses rose 4,725 metric tons Tuesday, leaving them at 429,650. The most recent Comex inventory data, released late Monday afternoon, were up 600 short tons at 77,761 short tons.
-By Matt Whittaker, Dow Jones Newswires; 212-416-2139; matt.whittaker@dowjones.com
(END) Dow Jones Newswires
November 24, 2009 14:37 ET (19:37 GMT)
Copper settlements (ranges include electronic and pit trading):
Dec $3.1135; down 2.20 cents; Range $3.0925-$3.1460
Mar $3.1435; down 1.85 cents; Range $3.1190-$3.1720
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