US copper futures opened with strong gains early on Friday in a holiday-shortened session as funds were seen buying after the US Federal Reserve signalled a pause in its two-year policy tightening campaign, sources said.
The New York Mercantile Exchange was closing early on Friday and will remain closed on Monday and Tuesday for the US Independence Day holiday on July 4.
By 10:08 am EDT (1408 GMT), benchmark September copper was up 6.90 cents, or 2 percent, at $3.39 a lb. on the New York Mercantile Exchange's COMEX division, after dealing from $3.3050 to $3.4550, its best level since June 8. Dealers pegged resistance in September copper at around $3.50 level, with continued support found at $3.00.
Spot July gained 7.20 cents to $3.4950 a lb., moving between $3.41 and $3.5525. Volume at 9 am was estimated at 3,000 lots.
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