Follow-through technical selling hit copper futures at the open on Friday as the market continued to correct from recent highs, although a weaker dollar offered some support, floor sources said. "I think the market kind of topped out at the $1.44-$1.45 level we hit the other day, and all of the buyers were up there on really nothing. So it was about time before the sellers decided they wanted out," said one.
Most-active March copper on the New York Mercantile Exchange's COMEX division was off 0.30 cent at $1.3720 a lb., rebounding off the lower half of its $1.3610-$1.3845 trading range. March copper rose to a seven-week high of $1.4520 on Monday. Spot December futures slipped 2.70 cents to $1.41, moving from $1.4050 to $1.44 a lb.
Traders noted that the weaker dollar should support the market, limiting any severe losses.
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