RTRS: U.S. copper slides 2.6 percent on demand woes
NEW YORK, Sept 23 (Reuters) - U.S. copper futures fell more
than 2 percent Wednesday morning as concerns about declining
Chinese demand for the metal eclipsed weakness in the dollar.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 down 7.30 cents, or
2.6 percent, at $2.7915 a lb on the New York Mercantile
Exchange's COMEX division by 10 a.m. EDT.
* Range from $2.8780 to $2.7800.
* COMEX estimated copper volume at 7,933 lots by 9 a.m. EDT
(1700 GMT).
* Stocks of copper at warehouses monitored by the London
Metal Exchange rose 175 tonnes to 331,950 tonnes. Inventories
have been trending higher since early July, reversing a trend
of nearly constant falls earlier in the year.
* China's imports of refined copper in August fell by
one-quarter versus the month before, latest available data
showed. It was the second month in a row that the No. 1 copper
consumer had cut back on its demand for the industrial metal --
after record buying earlier in the year -- and reflected rising
inventories of the metal. [ID:nHKG189580]
* Yang Changhua, an analyst at China's state-backed
research group Antaike, estimated the country may be holding
nearly 1.2 million tonnes of refined copper stocks, or about 80
days of consumption. [ID:nHKG326569]
* The lagging Chinese demand eclipsed weakness in the
dollar, which would have ordinarily supported prices. The
dollar hovered near a one-year low against a basket of major
currencies as investors braced for the end of a Federal Reserve
meeting, which was expected to keep U.S. interest rates at a
record low levels. [USD/].
* LME copper for three-months delivery MCU3 traded at
$6,137 a tonne in official rings, down from a close of $6,270
on Tuesday.