US copper futures rose early Tuesday as the dollar again retreated from the euro, but gains got capped by some quick profit-taking, according to floor sources. "We're seeing some short-covering and fund buying this morning, probably dollar-related, but there's a gap at the $145.80, so a lot of guys are selling it against filling that gap," said one.
At the COMEX division of the New York Mercantile Exchange, benchmark March copper rose 1.05 cents to $1.45 a lb, dealing between $1.4360 and $1.4560 which marked its loftiest level since January 4.
Spot February was off 0.45 cent at $1.4650 as most investors liquidated their long positions ahead of the spot contract's expiration on February 24.
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