COMEX copper prices edged lower but held inside Tuesday's trading range in quiet business Wednesday morning as overnight Far Eastern selling was countered by trade buying, dealers said.
"The market kind of drifted lower - we saw some Chinese selling overnight - but trade has been a buyer and a borrower of the spreads," said one New York desk trader at a bank.
COMEX active May was off 0.10 cent at $1.3650 a lb at 10:02 am EST (1502 GMT), stuck in a range of $1.3695 to $1.3540. Spot March shed 0.55 cent to $1.3585 and back months eased 0.15 to 0.60 cent.
Estimated turnover was 4,000 lots at 10:00 am.
Copper shot higher Monday and Tuesday, although prices were still seen stuck in consolidation between $1.25 and $1.38 after topping on March 2 at $140.30 which was an 8-1/4-year high.
Analysts said fundamentals are bullish, with world warehouse stocks tumbling and Asian demand steady. But technically the market remains capped below nearby resistance levels.
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