US copper futures fell moderately on Friday, weighed down by quarter-end profit taking, fatigue at recent record highs, and weak US consumption and sentiment data, traders said.
But a huge jump in the Chicago PMI, or manufacturing gauge, underpinned the downside and inspired some funds and speculators to start buying again, traders said.
Copper for December delivery shed 1.45 cents to $1.7250 a lb on the New York Mercantile Exchange's COMEX division, and dealt from $1.7210 to $1.7470 a lb. It reached a life-of-contract high at $1.7525 on Thursday. The new spot October contract slipped 1.45 cents to $1.7960, in a range between $1.7960 to $1.81 a lb. It hit a new contract high at $1.8220 on Thursday. September came off the board on Thursday.
COMEX estimated 4,000 lots traded by 10 am EDT. A contract settlement on Friday, would give holders of long positions more reason to sell, traders said.
Three-months copper traded lower at $3,777 a tonne, down from at $3,810. Friday's range spanned $3,770 to $3,817.
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