U.S. copper futures eased into a lower close on Monday, losing momentum after early gains when reports on housing and manufacturing came in stronger than expected.
Copper for December delivery HGZ9 ended down 1.05 cents at $2.9450 a lb on the New York Mercantile Exchange's COMEX division.
Range from $2.9225 to $2.9875.
COMEX estimated futures volume at 32,228 lots by 12 p.m. EST (1700 GMT). Final volume on Friday hit 34,818 lots.
Open interest up 443 lots to 138,676 contracts open as of Oct. 30.
Copper tracks fading rallies in equity markets amid sustainability concerns with the economic recovery. [.N]
Copper initially firmed on data showing U.S. manufacturing sector grew in October for the third consecutive month and at a faster rate than expected. [ID:nWEN5869]
An unexpected rise in pending sales of previously owned U.S. homes in September and a spike in U.S. construction spending indicate brighter outlook for housing sector, a key demand outlet for copper. [ID:nN02432431] [ID:nN30418368]
Market responding to the upside because of the U.S. economic outlook and improved risk appetite from renewed dollar losses - Bart Melek, Global Commodity Strategist with BMO Nesbitt Burns in Toronto. [USD/]
Better-than-expected U.S. manufacturing data adds to global optimism from strong manufacturing data in China and Europe. [ID:nSEO80466] [ID:nSP62642]
London Metal Exchange warehouse stocks eased 25 tonnes to 372,175 tonnes on Monday.
COMEX copper warehouse stocks went up 484 short tons on Friday to 61,949 short tons.
Money managers hiked net long COMEX copper positions to 13,403 lots in the week to Oct. 27, from a prior 5,274 lots, while the noncommercial short position grew to 9,055 lots from 1,685 lots in the week to Oct. 20. [ID:nN30320587]
LME three-month copper MCU3 closed up $70 at $6,550 a tonne.
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