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U.S. Copper Closes down on Bearish Economic Sentiment

China Copper Imports and Exports July 2010

NEW YORK, Aug 20 (Reuters) &ndash;
U.S. copper futures ended 
lower on Friday, as negative sentiment continued to grip the 
market one day after a string of disappointing U.S. data 
reinforced concerns about the health of the world's largest 
economy.
Copper for September delivery HGU0 fell 2.75 cents to 
close at $3.2910 per lb on the COMEX metals division of the New 
York Mercantile Exchange.
Range extended down from $3.3315 to $3.2495, its lowest 
level since Aug 16.
COMEX estimated final copper futures volume at 35,235 
lots, down from Thursday's 43,647 lots.
Open interest up 62 lots at 141,161 contracts as of Aug 
19.
Copper hit by growth fears and bearish economic sentiment 
from Thursday labor market and manufacturing data - Jeff 
Pritchard, analyst with Altavest Worldwide Trading in Mission 
Viejo, California.
U.S. jobless claims hit a nine-month high and a U.S. 
regional manufacturing index showed the first contraction in a 
year, reviving fears of a double-dip recession in the economy.
Technical support seen at 200-day moving average near 
$3.23 level - Pritchard.
Copper losses mirror weakness in euro versus dollar - 
traders. [USD/]
London Metal Exchange (LME) copper warehouse stocks fell 
by 1,800 tonnes on Friday to 401,725 tonnes, down from 6-1/2 
year high at 555,075 tonnes in mid-February.
Shanghai copper stocks off 3 percent at 110,371 tonnes in 
latest week.
COMEX copper inventories &lt;COMEX/WHSTAT&gt; shed 132 short 
tons at 96,506 short tons as of Thursday.
LME copper for three-months delivery CMCU3 went 
untraded at the close, but bid at $7,252 a tonne from $7,309 at 
the close on Thursday.
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