Copper futures held fairly steady at modestly higher levels early Thursday, as players caught their breath after a dash to 9-3/4-year highs in the previous session, traders said.
Though not necessarily the main catalysts, supply side issues continued to contribute to higher copper prices.
"Right now the funds are in control. There are a few shorts in here among the trade guys and they aren't giving in. They're not covering," said one COMEX floor broker.
He added: "The market is choppy right now, but it has vacuums. Someone bought it up, some fund buying came in, and then it drops back down. Locals are short and trying to push the market down. Everyone's waiting for that pullback, but it's not budging. A lot of people are wondering when it will come."
On the COMEX division of the New York Mercantile Exchange, benchmark December copper was up 0.30 cent at $1.4260 per lb. It traded in a range between $1.4195 and $1.4310, a new 9-3/4-year high on a 3-month continuation chart. Spot October rose 0.15 cent to $1.4280 a lb. Some other contracts also set new highs, trading up 0.30 cent to 1.30 cent.
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