Comex copper prices ended higher on Friday on book squaring before US and Asian holidays, with gains capped by scheduled labour talks at a Canadian mine where a strike had previously seemed probable, dealers said.
The market largely shrugged at currency moves and a jump in US consumer sentiment, instead looking toward Highland Valley in British Columbia and Freeport-McMoRan's mine in Indonesia, where production has been disrupted by a rock slide last year.
"Between Highland Valley mine and also word we're hoping to get on Tuesday from Freeport on when they're going to return to full production at Grasberg, people kept from exploring the short side today," said Tom Boasted, metals analyst at Refco.
Comex March copper rose 1.00 cent to settle at $1.0940 a lb, after trading $1.0780-$1.0970. Spot January was up 0.90 cent at $1.0910. The rest of the board finished 0.90 to 1.00 cent higher.
The New York Mercantile Exchange and its Comex division will be shut on Monday in observance of the Martin Luther King Jr. holiday. Trading resumes Tuesday.
Floor traders said active March copper had a hard time topping resistance at $1.09.70, where technical resistance lies.
Support in the benchmark month was pegged at $1.0840. Boasted said he saw futures hemmed in a $1.08-$1.11 range over the near-term.
In industry news, the union at Tech Commence Ltd's Highland Valley copper mine will go back to the bargaining table with management on Friday, two days after they rejected a labour contract.
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