Comex copper dips, on course for lower range

May 11, 2011 | 05:38 PM | Meredith Mazzilli

Tags  comex, copper, CTA, lme, warehouse, trading range, china

NEW YORK — Copper prices fell more than 3 percent in New York on Wednesday, settling just above the $3.90-per-pound level to log a fresh five-month low.

July Comex copper settled at $3.9135 per pound, down 3.2 percent from $4.042 per pound a day earlier. Wednesday’s close set a low not seen since early December and supplanted the previous multimonth low of $3.9755 per pound.

The past week’s trading activities could help establish a new trading range for the red metal, which for about two months has maintained a weekly average at around the $4.30-per-pound level.....

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