US copper futures end easier, outlook remains dim

NEW YORK, Aug 7 (Reuters) - U.S. copper futures settled down a shade on Thursday after a consolidation bounce from this week's plunge to six-month lows failed to hold, giving way to the market's overall downtrend.

NOTE: For detailed report, click on [MET/L].

* Copper for September delivery HGU8 ended down 0.55 cent at $3.4180 a lb on the the New York Mercantile Exchange's COMEX division.

* The session range spanned from $3.4095 to $3.4655.

* On Tuesday, the benchmark September contract sank to its lowest price point since Feb. 7, at $3.3765.

* COMEX estimated final futures volumes at 17,689 lots, compared with Wednesday's official tally at 21,988 lots.

* Open interest dropped 2,162 lots to 108,043 contracts open as of Aug. 6.

* Copper still in a mode of consolidation following this week's sharp technical sell-off that erased more than 17 percent of the market's value in a span of four weeks - trader.

* "Any kind of bounce that we get right now in the metals will be a consolidation bounce in the downtrend," said Ralph Preston, futures analyst with HeritageWestFutures.com in San Diego, California.

* Technically, initial support seen at Tuesday's session low at $3.3765, followed by $3.31 - Preston.

* Copper supported by economic data showing an unexpected rise in the U.S. pending home sales index for June.

* The pending home sales index rose 5.3 percent in June, compared with expectations of a 1.0 percent fall. [ID:nWEQ000091].

* Copper's path of least resistance to the downside due to a weaker technical picture and a dim global demand outlook, highlighted by a limited Chinese presence in the market in front of the Beijing Olympic Games.

* Copper under additional pressure from steady builds in London Metal Exchange (LME) warehouse stocks.

* London warehouses saw another 775 tonnes enter on Thursday, bringing total inventory levels to 151,100 tonnes.

* COMEX copper stocks declined by 262 short tons to 5,838 short tons on Wednesday.