US copper futures were lower in subdued early trade Wednesday, with some light profit-taking seen after the market's recent run-up, although an ongoing threat of a strike at Chile's Codelco supported prices, sources said.
By 11:05 am EST (1605 GMT), benchmark March futures were down 0.95 cent at $2.0580 a lb, at the COMEX division of the New York Mercantile Exchange, just off the bottom of their early range of $2.0540 to $2.0725, a new life-of-contract peak.
Spot December, which expires after the close, set a new record for copper at $2.2990 a lb, but has since sold off as traders pocket some profits. It was trading down 3.50 cents at $2.2450.
Trading volumes remained light as trading desks were thin due to end-of-the-year holidays. COMEX copper volume at 10 am EST was estimated at 3,000 lots.
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