Early on Thursday, COMEX copper futures gave back much of their sharp gains in the previous session to 6-month highs, but traders said the fast technical rise gave over to profit takers, as much of the run up ran counter to short-term fundamental readings.
"A lot of profit-taking today. And long liquidation. It started overseas and continued in New York. We saw very small fund selling that was all profit taking. But it's holding support very well," said one COMEX broker.
Benchmark December copper on the New York Mercantile Exchange's COMEX division fell 1.75 cent, off the contract high, to $1.3520 a lb.
The range ran $1.3470 to $1.37 a lb. On a spot basis, copper pulled off its highest level since March 22 hit on Wednesday. COMEX spot September dropped 2.00 cents to $1.36. Trading was light, but the few contracts that changed hands were down 2.35 to 0.95 cent.
COMEX estimated 2,000 lots had traded by 0900 a.m. EDT.
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