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Comex copper ends weaker, mood remains bearish

NEW YORK: Comex copper ended lower on Wednesday as the market drifted along in bearish mood, unable to respond to positive news and appeared set to test further lows, traders and analysts said.

Fred Demler, minerals economist at E D and F Man, said a combination of factors now weigh on sentiment, especially lending of metal into the market from the Far East, and a failure to respond to encouraging U.S. economic data, the fall in copper stocks and some production problems.

"There was also some technical selling today, and there is some far forward buying interest, but there is a lot of lending into the market so nearby prices are drifting," Demler said.

May COMEX weakened on the opening to move in line with LME, quickly reaching a six-week low before pulling back to close at 112.65 cents per lb, off 0.90 cent, traded 113.20 to 112.40 cents.

"It looks like the market is drifting more and probably will get to 110.00 cents basis May within two weeks," an industry source said. "It would be very difficult to get much above 114.50 to 115.00 cents basis May for more than a short period of time."