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Comex copper ends unchanged

NEW YORK: Comex copper settled unchanged after a dull, thinly traded session as LME remained closed until tomorrow because of the Easter holiday in Europe.

A short rally just before close of trade helped the market reverse the morning's losses, but it was unclear whether the buying was by a fund or trade, market sources said.

"There were excessive shorts in the market, with everybody talking too bearishly, so today there was some correction," a floor source said. "It looks like the market is oversold."

May copper settled unchanged at 113.35 cents per lb, traded narrowly between 113.85 and 112.80 cents. Although spot April settled at 113.60 cents, up 0.30 cent, it traded flat or at a discount to May for part of the session as nearby spreads weakened and a contango in cash to three months moved closer.-Reuter