US copper futures opened in negative territory early on Tuesday on a lack of follow-through buying from the previous session's gains, while the market continued to consolidate amid a dearth of fundamental news.
By 10:27 am EST (1527 GMT), copper for May delivery was trading down 1.05 cents at $2.2350 a lb on the New York Mercantile Exchange's COMEX division, dealing from $2.2150 to $2.2495.
Traders pegged initial resistance in May copper at the $2.2675 (a lb) level, while first support was seen at $2.15, and then at around the $2.12 level.
Spot March lost 1.45 cents at $2.2370, moving between $2.2250 and $2.2530. The all-time record for COMEX spot copper was $2.34 a lb, set on February 6. COMEX copper volume at 9 am was estimated at 3,000 lots.
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