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BASE METALS: Copper Down On U.S. Housing, Weak China Imports

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China Feb Copper Concentrate Imports 398,257 Tons, Down 30% On Year

NEW YORK (Dow Jones)--Comex copper futures finished Monday lower on weaker-than-expected U.S. existing home sales and softer refined copper imports to China.
The most actively traded contact, for May delivery, settled down 1.2%, or 5.3 cents, at $4.2860 per pound on the Comex division of the New York Mercantile Exchange.
The thinly traded March delivery contract was down 1.3%, or 5.4 cents, at $4.2755 per pound.
February U.S. existing home sales fell 9.6% to 4.88 million, while prices sank to the lowest level in nearly nine years. Economists surveyed by Dow Jones Newswires had forecast home sales to fall 3.9% to 5.15 million.
&quot;The U.S. existing home sales figures were hugely disappointing to the market and sparked a sell off,&quot; said analysts at Sucden Financial in London.
Residential construction is a major end-user of copper for electrical wiring and plumbing, but protracted weakness in existing home sales has created a glut in real estate inventories which tends to delay new construction.
Copper prices moved lower ahead of the data as some traders cashed in recent gains. 
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Some people are just taking money off the table,&quot; said Bob Haberkorn, senior market strategist with Lind-Waldock.
Weak imports of refined copper to China also pressured prices Monday. The world's top copper consumer imported 28% less refined copper in February compared to the same time last year, the General Administration of Customs said Monday.
&quot;China has been very vocal about slowing down their economy; our economy is still anemic, and the demand outlook is still pretty weak,&quot; said Larry Young, president of Covenant Trading LLC. &quot;Most traders are expecting the market to come down to $4.10 because most people still have a negative bias on copper.&quot;
Copper traders are also watching the wider geopolitical picture, with attention focusing on allied air strikes launched in Libya over the weekend. The United Nations Security Council Thursday authorized the use of &quot;all necessary means&quot; to enforce a no-fly zone over Libya and protect civilians from Col. Moammar Gadhafi's forces. The Middle East country has been grappling with civil unrest for almost two months as anti-government protests unraveled into armed conflict with pro-Gadhafi security forces.
Copper prices had come under pressure as the conflict disrupted Libya's oil exports, driving oil prices higher and slowing economic growth. Crude oil was recently up 1.2%, or $1.25, at $102.32 a barrel.
Meanwhile, Japan continues to grapple with an unstable nuclear facility though the threat of a full-scale meltdown appears to have eased. The Fukushima Daiichi nuclear complex was damaged by the 9.0 magnitude earthquake and tsunami March 11. Since then authorities have been fighting to keep the six reactors from overheating and releasing dangerous amounts of radiation.
Progress has been slow and limited at the Fukushima plant, with smoke from two reactors forcing workers to retreat temporarily Monday. While the causes of the smoke haven't yet been established, &quot;we can't rule out the possibility&quot; that it could be vapor coming from a water pool in the reactor where spent nuclear fuel rods are stored, an official from the Nuclear and Industrial Safety Agency said at a press conference.
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Offers of Minor Metals in Europe (2011-3-21)

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