US copper futures extended a decline for the second straight session early on Thursday as traders took their cue from lower midday London prices and were seen pocketing some more profits following the market's recent rally, brokers said.
"We're seeing another pull-back in the copper this morning. Some stops are getting hit and some guys are continuing to take some profits. Overall, it's healthy for the market after the run-up we have seen over the past month," said one base metals trader.By 10:15 am EDT (1415 GMT), copper for December delivery was off 1.35 cents at $1.78 a lb at the COMEX division of the New York Mercantile Exchange, after dealing in its $1.7710 to $1.81 morning range.
Spot October was 1.40 cents weaker at $1.8660, moving in a tight 2-cent range of $1.86 to $1.88. COMEX copper volume at 10 am EDT was estimated at 5,000 lots.
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