US copper futures drifted to a softer close on Tuesday as the market remained pinned near the bottom of its recent range due to a stronger dollar and lingering concerns about near-term demand, analysts said. Copper for July delivery ended down 2.00 cents at $3.7160 a lb on the COMEX metals division of the New York Mercantile Exchange.
The session range spanned from $3.6875 to $3.75. Copper prices claw back from early-session lows after key technical support near the $3.65-$3.70 area holds, sparking a modest bout of short-covering. By 12 pm EDT (1600 GMT), futures volumes were estimated at 8,613 lots. Final volumes on Friday totalled 10,908 lots.
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