Copper futures in New York opened slightly higher on Friday, buoyed by concerns over supply shortages out of Chile as the strike at the Escondida mine entered its fifth day, sources said.
"We're in a very tight range so far this morning, and I don't see anything major moving it one way or the other. You have to take in the Escondida as a factor right now because everyone knows they are on strike already, but I don't think it becomes that big a issue until they are out of work for at least a month," said on COMEX dealer.
By 10:22 am EDT (1422 GMT), copper for September delivery rose 1.05 cents at $3.6350 a lb on the New York Mercantile Exchange's COMEX division, moving between $3.5925 and $3.6780. Chartists continued to peg resistance at the July 12 peak at $3.77, followed by the life-of-contract peak at $3.94, while first support lurked at around the $3.50 level. Spot August edged 0.55 cent higher at its early-session peak at $3.67 a lb. COMEX copper volume at 9:00 am EDT was estimated at 2,000 lots.
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