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FARHAN

Comex copper

ends lower

NEW YORK: Comex copper settled below the psychologically important 140 cents a lb mark as arbitrage selling put pressure on the active contract but most of last week's gains are still intact, traders said.

Floor sources and traders said there was some arbitrage during the day, selling September Comex and buying its LME counterpart, but the market drifted sideways in a narrow range for much of the time on the lack of fundamental news.

Active September closed at 139.85 cents a lb, down 0.20 cent, traded 141.50 to 139.70 cents a lb. Estimated volume was 10,000 lots, compared to yesterday's official 8,066 lots.

"The metal is just content to trade the range and looking to consolidate to move higher. Comex is pretty much in tune with LME," a trader said.

September was strong enough to stay above the 139 cents a lb area to avoid triggering sell stops, while December although up 0.05 cent at 136.20 cents at close was still not high enough to trigger buy steps in the 138 cents area, traders said.-Reuter