US copper futures end off on dim economic outlook
NEW YORK, Nov 19 (Reuters) - U.S. copper futures shed more than 3 percent by the close on Wednesday, dragged lower by lingering concerns about deteriorating demand in the face of a global economic slowdown.
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* Copper for December delivery HGZ8 settled down 6.05 cents, or 3.6 percent, at $1.6015 a lb on the New York Mercantile Exchange's COMEX division.
* Session range from $1.5950 to $1.6875.
* Initial support seen at $1.60, followed by last week's low at $1.57, then $1.50. Resistance at $2.00, and then at the $2.15 to $2.20 area - traders.
* COMEX estimated volume at 19,262 lots by 1 p.m. EST (1800 GMT). Final volume on Tuesday hit 24,481 lots.
* Open interest rose 932 lots to 80,583 contracts open as of Nov. 18.
* Copper weakness a reflection of gloomy global economic outlook - Matthew Zeman, head of trading with LaSalle Futures Group in Chicago.
* Copper's bearish demand outlook reinforced by data showing construction starts of new U.S. homes and applications for building permits fell to record lows in October. [ID:nN19323456]
* Additional demand-side pressure from the U.S. automotive industry, with Detroit's Big Three -- General Motors Corp GM.N, Ford Motor Co (F.N) and Chrysler LLC [CBS.UL] -- under threat of survival. [ID:nT338414]
* A typical U.S. car contains more than 50 pounds of copper.
* Dim demand prospects and fears the world is in for an extended recession have contributed to a more than 60 percent decline in the price of COMEX copper since July.
* London Metal Exchange warehouse stocks added 1,475 tonnes on Wednesday, bringing total levels to 280,050 tonnes -- their highest since March 2004.
* COMEX copper stocks were flat at 11,252 short tons as of Tuesday.
* Global copper market in a small surplus of 26,800 tonnes in January-to-September period - World Bureau of Metal Statistics research group. [ID:nLJ540870]
* Weak copper prices will prevent Zambia from meeting its target of raising $415 million in additional revenue from foreign mining firms - central bank governor Caleb Fundanga. [ID:nLJ545820]
* LME copper for three-month delivery MCU3=LX settled down $160 at $3,590 a tonne, near its session low at $3,540. Last week it hit $3,520, its lowest level since September 2005. (Reporting by Chris Kelly; Editing by Walter Bagley)
