NEW YORK June 18 (Reuters) – U.S. copper futures ended down for a third straight session on Friday, as concerns about the global economy cast more doubt on demand prospects, dragging the industrial metal down to its lowest price in a week.
* Copper for July delivery HGN0 dipped 2.15 cents to settle at $2.8840 per lb on the New York Mercantile Exchange’s COMEX division.
* Range extended down from $2.9290 to $2.8445, its lowest level since June 10.
* COMEX estimated copper futures volume at 38,938 lots by 1 p.m. EDT (1700 GMT). Final volume on Thursday hit 47,770 lots.
* Open interest up 1,317 lots to 138,094 contracts open as of June 17.
* “Copper pressured by growing caution about global economic growth” – Adam Sarhan, chief executive of Sarhan Capital.
* U.S. data Thursday showed jobless claims rose unexpectedly last week as manufacturing, construction and education sectors shed workers, while factory activity growth plunge in the U.S. Mid-Atlantic region in June. [ID:nN17254724]
* Copper under additional pressure from slower demand expectation in top-consumer China, after an official said growth was expected to slow in the second half of this year and double-digit growth for the full year seemed unlikely.
* Copper losses buck near three-week high in euro versus U.S. dollar Friday. Euro headed for its biggest weekly gain in
more than a year. [USD/]
* London Metal Exchange copper stocks <0#LME-STOCKS> down 2,750 tonnes at 457,425 tonnes on Friday, their lowest level
since early December 2009.
* Shanghai copper stocks fell 3,388 tonnes to 135,944 tonnes this week, down for a sixth consecutive week to their
lowest since February.
* COMEX copper inventories <COMEX/WHSTAT> flat at 101,925 short tons as of Thursday.
* LME copper for three-months delivery CMCU3 ended at $6,435 per tonne from Thursday’s close at $6,446 per tonne.
(Reporting by Chris Kelly; Editing by David Gregorio)