AFX: US copper futures slide on China tightening fears
NEW YORK, Feb 12 (Reuters) - U.S. copper futures fell over three percent Friday morning, matching a softer tone across the broader commodity complex, as the dollar strengthened and economic recovery worries mounted after China increased bank reserve levels.
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BENCHMARK COPPER FOR MARCH DELIVERY SANK 9.45 cents, or 3 percent, to $3.0390 per lb by 9:46 a.m. EST (1446 GMT) on the New York Mercantile Exchange's COMEX division.
RANGE FROM $3.0340 TO $3.14.
COMEX ESTIMATED FUTURES VOLUME AT 16,982 LOTS BY 9 A.M.
CHINESE CENTRAL BANK'S MOVE TO RAISE COMMERCIAL BANKS' reserve requirements dented investor risk-appetite amid worries about impact on global growth.
MONETARY MOVES IN CHINA, COUPLED WITH CONTINUED uncertainty about Greek bailout exerting upward pressure on the U.S. dollar and downward pressure on commodity prices - Dahlman Rose.
EURO DOWN NEAR A NINE-MONTH LOW AGAINST THE DOLLAR, making dollar-priced metals more expensive for non-U.S. investors.
COPPER LOSSES BUCK STRONGER-THAN-EXPECTED U.S. RETAIL sales data for January.
LONDON METAL EXCHANGE (LME) COPPER WAREHOUSE STOCKS ADDED another 2,475 tonnes, bringing total inventory levels to 547,775 tonnes on Friday.
LME DATA SHOWED CANCELED WARRANTS -- MATERIAL EARMARKED for delivery -- has doubled to above 12,000 tonnes on Thursday from Wednesday.
DELIVERABLE COPPER INVENTORIES IN WAREHOUSES MONITORED BY the Shanghai Futures Exchange rose 3 percent to 117,169 tonnes from 114,302 tonnes a week ago.
COMEX COPPER STOCKS DECLINED BY 218 SHORT TONS TO 104,616 short tons as of Thursday.
LME BENCHMARK COPPER FOR THREE-MONTH DELIVERY LAST traded at $6,738 a tonne, down $202 from Thursday kerb close.
(Reporting by Chris Kelly; Editing by Lisa Shumaker) ((chris.kelly@thomsonreuters.com; +1 646 223 6042; Reuters Messaging: chris.kelly.reuters.com@reuters.net))
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