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  • Oct 28th, 2005
  • Comments Off on US MIDDAY: copper weaker on speculative pressure
US copper futures lower early Thursday on some speculative pressure following the end of a one-day strike at Grupo Mexico as well as talk of a large delivery by China's State Reserve Bureau, dealers said.

By 10:40 am EDT (1440 GMT), copper for December delivery was off 1.80 cents at $1.80 a lb at the COMEX division of the New York Mercantile Exchange, dealing from $1.7950 to $1.8285 a lb. Last Thursday, December copper set a contract peak at $1.8580.

Traders pegged support in active December copper at $1.7225 a lb, while resistance was seen at $1.8580 to $1.86.

Spot October tumbled 5.00 cents or 2.54 percent to $1.9180 as traders liquidated their long positions ahead of the contract's expiration at the end of trade. On Wednesday, the spot contract set a new record high at $1.9890 a lb. COMEX estimated copper volume at 10:00 am EDT reached 7,000 lots. In early New York trade, the euro rose to session highs at around $1.2167 from around $1.2130 shortly before the US data, but slipped back to trade at around $1.2142.

Copyright Reuters, 2005


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