US copper futures edged higher at the open on Tuesday in moderate dealings as funds continued to stay on the sidelines ahead of the year end, leaving the trading to local dealers, sources said.
"More of the same holiday volumes. The funds are not involved at all and will probably continue to sit on the sidelines and just square their books heading into the new year. It's basically all locals," said one floor source.
By 10:24 am EST (1524 GMT), benchmark March futures at the COMEX division of the New York Mercantile Exchange were up 0.60 cent at $2.0190 a lb., moving between $2.0045 and $2.0260 a lb. Spot December copper was bid at $2.16 a lb. COMEX estimated volume at 10 am reached only 2,000 lots.
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