US copper ends lower on economic growth worries
U.S. copper futures ended nearly 2 percent lower on Monday as investors fretted about the health of the global economy amid fears that turmoil in major U.S. banking and financial institutions could hurt growth.

* Copper for December delivery HGZ8 down 5.75 cents, or 1.8 percent, at $3.1365 a lb on the New York Mercantile Exchange's COMEX division.

* December ranged from $3.0570 to $3.2225 a lb.

* Spot September HGU8 ended down 2.50 cents at $3.1840 a lb.

* Copper fell along with other base metals due to concerns about the strength of the global economy after U.S. investment bank Lehman Brothers filed for bankruptcy protection - metals trader.

* Copper, a barometer of the strength of the global economy, weakened sharply as U.S. stocks sold off 3 percent amid financial turmoil.

* Trading momentum in the red metal also weakened after data showed U.S. industrial output posted its biggest slide in three years last month and September might not be much better.

* The dollar rose as mounting risk aversion sparked some safe-haven flows, taking a toll on copper, which is denominated in the U.S. currency.

* Copper was also dragged by a $5 drop in key commodity crude oil CLc1, which was just above $95 per barrel on market jitters.

* London Metal Exchange inventories gained 1,275 tonnes to 204,350 tonnes on Monday. COMEX copper stocks held unchanged at 5,390 short tons on Friday.

 

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