NEW YORK - U.S. copper futures lost more than 3 percent of their value Thursday morning as prices continued to correct further away from the psychological $3.00 a lb level amid a broader sell-off in the industrial metals complex.
* Copper for December delivery HGZ9 slipped 7.10 cents, or 2.4 percent, to $2.8530 a lb by 10:10 a.m. EDT (1410 GMT) on the New York Mercantile Exchange's COMEX division.
* Range from $2.8325 to $2.9565.
* Benchmark December hit an 11-month high at $2.9895 on Aug. 28.
* Settlement under $2.79 nullifies copper's current bullish technical outlook - Ralph Preston, futures analyst with HeritageWestFutures.com in San Diego, California.
* COMEX estimated copper volume at 12,153 lots by 9 a.m.
* Copper down in sympathy with wider downturn in industrial metals complex, after London Metal Exchange nickel sinks more than 5 percent to a 6-week low at $17,000 a tonne.
* Dollar-denominated copper fails to derive support from the American currency after it rebounds from new 2009 low at $1.4606 against the euro.
* A firmer dollar typically makes dollar-priced metals less attractive to non-U.S. investors.
* U.S. data on Thursday showed initial and continued jobless claims down last week.
* From China, data showed investment growth in the country's real estate sector accelerated sharply in August as prices and sales continued to rise.
* Investment bank Calyon upped its forecasts for industrial metals prices due to improved economic outlook and growing demand recovery beyond China.
* Zambia, Africa's largest copper producer, raised its 2009 copper output estimate to 664,000 tonnes versus a previous estimate of 600,000 tonnes.
* LME warehouse stocks added 775 tonnes to 317,575 tonnes on Thursday.
* COMEX copper warehouse stocks fell by 826 short tons to 52,754 short tons on Wednesday.
* Chinese copper imports likely to be down for the second consecutive month in August.
* LME copper for three-months delivery MCU3 traded at $6,270 a tonne, down $145 from Wednesday's kerb close. (Reporting by Chris Kelly; Editing by Walter Bagley)