New York copper futures on Thursday repaired most of the damage incurred in the previous session, as some participants looked for bargains at the 3-1/2 week lows and bought copper, traders said.
"There are some guys looking at yesterday's low as a bargain, but it's really light right now. Pretty much everyone is doing their own thing. Little bits and pieces from locals and speculators. But, no real news driving it today," said one copper trader.
Copper for March delivery rose 5.40 cents to $3.0870 a lb on the New York Mercantile Exchange's COMEX division. It hit a session high at $3.0970 from a low at $3.0330 a lb. Spot December was up 5.05 cents at $3.0750 a lb. The rest firmed 4.90 to 6.35 cents.
Traders emphasised that slow conditions accounted for the near 2 percent price moves, a trend that should continue for the next two weeks as players close out their books for 2006.
COMEX put 1000 am EST copper volume at just 1,500 lots. On Wednesday copper finished at low levels last seen on November 17 as traders took their cue from falling London copper, a leap in copper inventories, and indications of slowing demand, traders said.
But on Thursday, London prices rallied after a rout took prices down to 3-1/2-week lows there as well. Funds with a longer term bullish view were also seen to be protecting their long positions, traders said.
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