950808

Copper remains softer

NEW YORK: COMEX copper remained softer in midday trading, easing back along with LME as pressure on the near months slackened.

At 1254 EDT active September was 0.65 cent a lb lower at 136.60 cents a lb, traded 137.00 to 136.10 cents a lb.

A trader said less pressure on the near months will lead to the spreads between August, September and October widening out.

The CFTC Commitments of Traders data showed there is "quite a large short out there that needs to be moved", the trader added.

The news that El Abra in Chile could be coming on stream at the end of 1996, six months early, is said to have lightened up pressure on the forward months in 1996.-Reuter