US copper futures fell early on Thursday on light follow-through liquidation of long positions, but prices held in a narrow range well above key support levels, traders said. "It's continued long liquidation, unable to get through unchanged, day three. Some technical selling. Nothing special other than that," a broker said. Traders added the soft dollar allowed some buyers to grab copper on dips, keeping the red metal supported.
At the COMEX division of the New York Mercantile Exchange, benchmark July copper dropped 0.50 cent to $1.4240 a lb., in a slim range from $1.4160 to $1.4345.
A massive sell-off in mid-April led futures down to $1.4050 a lb., a low dating back to February 17. Wednesday's selling flirted with that level, but prices managed to avoid touching it.
Spot May copper edged down 0.10 cent to $1.4580 a lb. Most contracts went untraded. A few lost 0.15 to 0.60. COMEX pegged 10 am copper volume at 4,000 lots.
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