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Comex copper prices rose moderately on Tuesday, boosted by trade buying, short-covering by small speculators after hefty losses in the prior session, and a firmer euro, traders said.
Benchmark May futures settled 0.95 cent firmer at $1.3190 a lb, within a $1.2940 to $1.3220 range.
Spot April rose 1.00 cent to $1.3270 and the rest gained 0.45-0.85 cent. Copper recouped some of Monday's dramatic 3.75-cents fall, taking its cue from a firmer euro in the foreign exchange that boosted demand in dollar-denominated base metals overseas.
At the London Metal Exchange, three-month copper settled open outcries trade $40 higher at $2,920 a tonne.
Trading was light in Comex copper futures, floor sources said, due to Passover on Tuesday and the upcoming Good on Friday holiday when Comex will be closed.
Final estimated volume was modest 10,000 contracts, versus 16,941 lots on April 5. Total open interest fell 757 contracts to 77,314 lots during on Monday's sell-off.
Tim Evans, analyst at IFR Pegasus, said the market composition in Comex copper seemed to be more in balance after the recent reduction in fund net long positions made it less at risk of protracted speculative liquidation.
The $1.46 to $1.50 a lb area, basis May copper futures, was seen as a possible target as a "late, minor further extension of the longer-term advance," Evans said in a report.
"We think it may be worth establishing a moderate long position, risking to Monday's $1.2880 low to see if the triangle in development turns out as a bull pennant," he said.
Evans saw first resistance in Comex might copper at $1.3190, $1.3320 and then $1.35, with support at $1.2880 and $1.2560.
The euro's rally against the Japanese yen on Tuesday influenced its move up against the dollar.
The euro was at $1.21, after previously falling below $1.20 for the first time this year.
Gregory Weldon, analyst and publisher of Metal Monitor said the current dynamic in foreign exchange, including the possibility of higher interest rates and a firmer dollar, was a potential negative demand-side influence on metals.
"We are bearish on copper for the medium term," he said, tracing critical support in futures to $1.2560. Comex is a division of the New York Mercantile Exchange.

Copyright Reuters, 2004

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