New York copper futures launched a swift and strong rally after the open on Friday, as funds bought following a series of upbeat US economic readings and possible mine strikes, traders said. "We had some heavy fund buying after the open, but now it's pretty quiet.
Once the fund buying stopped it kind of fizzled," said one COMEX floor broker.
At the New York Mercantile Exchange's COMEX division, benchmark September copper steadied at $1.6760 per lb., up 2.90 cents after shooting to a life-of-contract high at $1.6890 a lb, from a range low at $1.6390.
Spot August copper stayed near $1.7270, up 2.10 a lb, after reaching an all-time high at $1.7380.
COMEX copper volume was estimated at a heavy 8,000 lots by 1000 am EDT. Copper began its rally shortly after the open and broke up to a series of record-breaking levels.
Comments
Comments are closed.