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Comex copper

slumps in

thin trade

NEW YORK: Thin trading exaggerated market conditions and was blamed for Comex copper's tumble near close, traders said on Friday.

After being down just a few points for most of the day, September and active December slumped more than 150 just before trading stopped.

"It was mostly local and trade selling," said one floor source.

For much of the day, the market drifted along on the lack of fundamental news.

A trader said, "It went down pretty fast and looks like it was COMEX led. Everybody in London had already squared their books ahead of the public holiday on Monday. It caught everyone out not watching."

December closed down 1.70 cents at 135.70 cents a lb, traded from 137.90 to 135.70. September settled 1.90 cents lower at 137.65 cents, traded from 139.90 to 137.50. Estimated volume was 8,500 lots against Thursday's tally of 10,183 lots.

A floor source said nearby contracts are expected to stay in the 135 to 140 cents a lb range once the August contract expires next week.-Reuter