U.S. copper futures fell sharply at the open on Tuesday, erasing nearly all of the previous session's rally as a five-year high in warehouse stock levels and grim economic data weighed on sentiment. For detailed report on global copper markets, click on [MET/L] * Copper for March delivery HGH9 plunged 10.05 cents, or 6.3 percent, at $1.4860 a lb by 10:16 a.m. EST (1516 GMT) on the New York Mercantile Exchange's COMEX division. * Morning range from $1.4735 to $1.6250. * On Monday, benchmark March contract hit its highest level since Dec. 2 at $1.6310. * Copper, a key component in homebuilding, led a broad-based rally in the metals complex on Monday following data that showed sales of previously owned U.S. homes rebounded in December. [ID:nN19590716] * COMEX estimated volume at 10,390 lots by 10 a.m. * In a Reuters poll, analysts forecast sharply lower base metal prices in 2009. Copper seen plunging 50 percent as slowing economic activity hits demand. [ID:nLR439617] * Pessimistic economic prospects reflected in data showing U.S. consumer confidence dropped to a record low in January.

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