Weakness in copper price

1900 GMT [Dow Jones] - Comex copper closed sharply lower as positions holders continue to exit the market amid news that the union at BHP Billiton's Cerro Colorado mine agreed to a five more days of labor negotiations after the current contract expired on Wednesday. Copper prices faced early losses as the London Metal Exchange copper stocks rose by Inventories of copper in London Metal Exchange warehouses rose 4,275 metric tons to 216,100. Traders contend that copper is likely to break below the $2.40 per pound level before building a base to move higher. At settlement, most-active Mar copper is down 6.4 cents at $2.5305 per pound. (ALG)