NEW YORK July 14 (Reuters) - U.S. copper futures dipped into negative territory Wednesday morning, tracking a negative reversal in equity markets after unexpectedly soft retail sales data added to evidence of a moderating economic recovery. For detailed report on global copper markets, click on [MET/L] * Copper for September delivery HGU0 down 1.50 cents at $3.0025 per lb by 10:18 a.m. EDT (1418 GMT) on the COMEX metals division of the New York Mercantile Exchange. * Range from $2.9995 to $3.0560. * COMEX estimated copper futures volume at 14,536 lots by 10 a.m. * Sideways price action dictated by moves in equity markets - Matthew Zeman, head of trading with LaSalle Futures Group in Chicago. * Equities down after data showed sales at U.S. retailers fell for a second straight month in June on weak receipts at automotive dealers and gasoline stations. [.N] [ID:nN14122226] * Market continues to meander near $3.00 per lb, waiting for catalyst to provide direction - Zeman. * Trade focused on China's second-quarter GDP data, expected to show economic growth moderated slightly in the quarter, but expansion could still be in double digits - Reuters poll. [ID:nSGE6660AR] * Chinese June industrial output data set for release on Thursday. [CNIO=ECI] * Copper hit by firm dollar versus euro on back of weak retail sales data. Strong dollar makes commodities priced in the currency more expensive to buy for non-U.S. investors. [USD/] * London Metal Exchange metal stocks <0#LME-STOCKS> fell by 4,050 tonnes to 428,500 tonnes on Wednesday, down more than 100,000 tonnes since mid-February. * Copper canceled warrants -- material earmarked for delivery -- saw a net increase of 5,250 tonnes, with most of it at U.S. locations. * COMEX copper inventories flat at 101,210 short tons as of Tuesday. * LME copper for three-months delivery CMCU3 last traded at $6,641 per tonne from Tuesday's close at $6,685. (Reporting by Chris Kelly)

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