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US copper futures settle down on dollar strength

Tue May 13, 2008 2:49pm EDT
 
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NEW YORK, May 13 (Reuters) - U.S. copper futures ended down on Tuesday as a stronger tone in the dollar sparked some light sales pressure, but potential supply disruptions in Peru and Chile limited the losses.

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

* Copper for July delivery HGN8 settled down 1.80 cents at $3.7315 a lb on the COMEX metals division of the New York Mercantile Exchange. Range from $3.7085 to $3.7930.

* By 1 p.m. EDT (1700 GMT), COMEX copper volumes were estimated at 13,133 lots. Total volumes on Monday reached 15,959 lots.

* Open interest in the market climbed 1,091 lots to 98,373 contracts open as of May 12.

* The dollar rose broadly after unexpectedly strong retail sales, excluding automobiles, in the month of April backed views that the Federal Reserve would probably not cut interest rates again next month.

* The Commerce Department said overall retail sales declined 0.2 percent to a seasonally adjusted $378.1 billion, after a 0.2 percent rise in March. That was slightly more than the 0.1 percent decrease that economists surveyed by Reuters had forecast for sales in April.

* Excluding autos, April sales were up 0.5 percent after a 0.4 percent March pickup - significantly better than the 0.2 percent sales increase that had been anticipated.

* The euro dropped to a session low at $1.5431 <EUR=>. In afternoon trade in New York, it was trading at $1.5477.  Continued...

 

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