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Comex copper

settles lower

NEW YORK: Comex copper ended lower as the rollover to December gathered pace, the latter contract nudging higher on fund buying, traders said on Monday.

Trading was generally thin and rangebound, but one floor source said there was some fund buying of December Comex, the contract that will take over from September as the most active one.

Switches from September to December, estimated at 395, were also noted.

September closed at 136.50 cents a lb, down 0.35 cent a lb, traded 136.90 to 135.70 cents a lb, testing what some traders see as the 136.00 cents a lb downside resistance level.

Volume was estimated at 5,500 lots, below Friday's official 5,647.

December closed at 132.55 cents a lb, up 0.30 cent a lb. PHYSICAL COPPER Based on settlement prices, merchant copper cathodes for August shipment were quoted at a nominal 139.40 to 139.90 cents a lb. No. 2 scrap copper was quoted at a nominal 111.00 cents a lb, unchanged from August 11.-Reuter