Copper futures in New York opened firmer in early trade Friday, buoyed by a stronger open on Wall Street, lower oil prices and the beginning of a strike at the El Abra copper mine in Chile, traders said. "The fundamentals are back in place for this market to break out above $1.3750 to $1.40 in the next two weeks, if not sooner," said one.
Benchmark December copper on the New York Mercantile Exchange's COMEX division traded 2.00 cents higher to $1.3690 a lb, just off the top of its $1.3410 to $1.3750 trading range. November gained 0.70 cent at $1.3680 a lb.
"Stocks are up this morning and oil is down, so that is supporting the market," said one floor source.
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