COMEX copper futures fell early Tuesday as funds unloaded some of their holdings in technical follow-through selling after prices slipped in the Asian and London markets overnight, traders said.
"We're getting some fund selling. That's most of the reason for the push back here in the metals. Looks like some profit taking, some liquidation selling mostly coming in from the funds," said one COMEX broker.
Benchmark December copper on the New York Mercantile Exchange's COMEX division dropped 2.35 cents to $1.3640 a lb, in a range spanning $1.3550 to $1.3950 which was shy of the one-month high of $1.3970 set on Monday. Other contracts lost from 1.50 to 2.70 cents.
COMEX estimated 1000 am EST (1500 GMT) copper volume at 5,000 lots.
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