Copper futures in New York traded higher at the open on Friday, with inventory declines in Shanghai offsetting the recent three-week build in London stocks, sources said.
By 10:30 am EST (1530 GMT), copper for December delivery climbed 3.65 cents at $3.3280 a lb on the New York Mercantile Exchange's COMEX division, just off its morning peak at $3.3310. Spot November rose 3.10 cents to a morning peak at $3.3150. COMEX copper volume at 10 am was estimated at 3,000 lots. The steady declines of copper stocks in Shanghai warehouses reflected the country's strong consumption growth, investment bank UBS said in a daily market comment.
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