US MIDDAY: copper drops on profit taking

Copper futures slid again on Thursday, as funds continue to take profits by unloading long copper positions, brokers said.
"Inventories have been going up at the LME. Some people are saying things may be cooling off somewhat in China. I think, generally, as it comes down, since the market is basically long, it generates more selling. People are locking in their profits," said one copper trader.
At the New York Mercantile Exchange's COMEX division, benchmark December copper slipped 1.35 cents to $1.5980 lb., in a $1.5890 to $1.6190 range.
Spot September copper was down 1.20 cents at $1.67 a lb., in a lower range between $1.6650 to $1.68 a lb. COMEX estimated 9 am EDT copper volume at 2,000 lots.