RTRS: US copper falls as weak outside markets bite
NEW YORK, March 9 (Reuters) - U.S. copper futures stumbled in early
trade Tuesday due to a firmer dollar, weaker outside markets and increased
investor caution over risky assets, analysts said.
For detailed report on global copper markets, click on [MET/L]
* Most active copper for May delivery HGK0 dove 3.90 cents, or 1.14
percent, to $3.3715 per lb on the New York Mercantile Exchange's COMEX
division.
* Range ran from $3.355 to $3.425.
* The euro struggled versus the dollar, weighed by debt worries in
Greece and Portugal.
* U.S. stock futures point to a lower opening. [ID:nLDE628067]
* U.S. crude futures were softer as well. CLc1
* "You have weakness across all the industrial commodities," said Bill
O'Neill, analyst for logicadvisors.com in New Jersey.
* "The euro is the key influence," he said.
* Copper has had a sustained run and was due to pull back.
* "You have to expect some consolidation" - O'Neill.
* Analysts said market was also taking its cue from weaker copper
futures on London Metal Exchange.
* Focus turning to Thursday's trade data from China, world's largest
consumer.
* For graphic, click on:
here *
Supporting copper futures would be steady falls in London Metal Exchange
warehouse inventories - traders.
* LME copper warehouse stocks fell by 2,700 tonnes to 538,875 tonnes on
Tuesday. <0#LME-STOCKS>
* COMEX copper stocks were steady at 102,192 short tons as of Monday.
CMWSU
* Copper canceled warrants are at 26,725 tonnes on Monday, from 3,625
tonnes on Feb. 8. <0#MCUSTX-LOC-GRD>
* LME copper for three-month delivery MCUKA3 was bid at $7,434 per
tonne at 9:04 a.m. EST (1404 GMT), versus the Monday close of $7,470.
(Reporting by Rene Pastor; Editing by John Picinich)
(rene.pastor@thomsonreuters.com; +1 646 223 6047; Reuters
Messaging: rene.pastor.reuters.com@reuters.net)