NEW YORK, Nov 24 (Reuters) - U.S. copper futures settled
lower on Tuesday, after mixed economic data provided no fresh
direction for prices and investor position-squaring heated up
in front of the U.S. Thanksgiving Day holiday.
New York metals markets are closed Thursday for
Thanksgiving and will trade an abbreviated session on Friday.
For detailed report on global copper markets, click on
BENCHMARK MARCH COPPER ENDED DOWN 1.85 CENTS AT
$3.1435 a lb on the New York Mercantile Exchange's COMEX
division.
RANGED FROM $3.1190 TO $3.1720.
ON MONDAY, MARCH COPPER CLIMBED TO $3.2040, ITS LOFTIEST
level since September 2008.
COPPER FOR DECEMBER DELIVERY FELL 2.20 CENTS TO
finish at $3.1135 a lb.
COMEX ESTIMATED FUTURES VOLUME AT 38,945 LOTS BY 1 P.M.
EST (1800 GMT). Final volume on Monday hit 41,609 lots.
OPEN INTEREST FELL BY 547 LOTS TO 151,940 CONTRACTS OPEN
as of Nov. 23.
COPPER DOWN IN PRE-HOLIDAY BOUT OF PROFIT TAKING -
Sterling Smith, an analyst for Country Hedging Inc in St. Paul,
Minnesota.
COPPER LITTLE CHANGED AFTER DATA SHOWED THE U.S. ECONOMY
grew at a 2.8 percent rate in the third quarter, down from an
initial estimate of 3.5 percent.
SEPARATE REPORT SHOWED U.S. HOME PRICES ROSE FOR A FIFTH
straight month in September, while consumer
confidence edged higher in November after an unexpected drop in
October.
UNEVEN DATA A SIGN THAT RECOVERY IS SLOWLY TAKING PLACE -
Smith.
COPPER WEIGHED DOWN BY FIRMER TONE IN THE DOLLAR VERSUS
the euro.
LONDON METAL EXCHANGE (LME) COPPER STOCKPILES ROSE 4,725
tonnes to 429,650 tonnes, their highest since April.
COMEX COPPER WAREHOUSE STOCKS CLIMBED 600 SHORT TONS TO
77,761 short tons as of Monday.
JAPAN'S OUTPUT OF ROLLED COPPER PRODUCTS ROSE FOR THE
seventh consecutive month in October. Seasonally adjusted
output stood at 67,927 tonnes, up 2.7 percent from September -
Japan Copper and Brass Association.
WORLD COPPER MARKET IN DEFICIT OF 32,000 TONNES BETWEEN
January and August this year, versus a deficit of 117,000
tonnes in the same year-ago period - the International Copper
Study Group.
LME THREE-MONTH COPPER ENDED DOWN $80 AT $6,870 A
tonne.
(Reporting by Chris Kelly; Editing by Marguerita Choy)
((chris.kelly@thomsonreuters.com; +1 646 223 6042; Reuters
Messaging: chris.kelly.reuters.com@reuters.net))
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