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Copper settles

with pared losses

NEW YORK: Comex copper settled with pared losses, closing near the top of a narrow range established early as the market consolidated last week's strong gains, traders said on Monday.

Most-active May copper settled 0.25 cent weaker at 122.75 cents a lb, traded from 123.00 to 121.80. Spot April went out 0.25 weaker at 123.70 and July was off 0.35 at 120.15. Deferreds slipped 0.35 to 0.80. Volume was estimated at 8,500 lots, down from Friday's heavy 14,614.

Friday, the May contract reached 123.20, its highest level in more than five months. The market's resilience today left several traders expecting further near-term gains.

"Slack consumption in Europe was termed negative for the market, although some traders expected Chinese demand to be firm.-Reuter