US copper futures bounced on either side of unchanged Thursday morning as an early bout of profit-taking dried up and left prices near their highest levels since late November as the market awaits key unemployment data on Friday. Copper for May delivery edged up 0.45 cent to $1.6985 a lb by 10:42 am EST (1542 GMT) on the New York Mercantile Exchanges COMEX division.
Morning range from $1.6625 to $1.72. On Wednesday, COMEX copper closed at $1.6940 a lb - the highest level on a settlement basis since November 26. Breakout above $1.73-$1.75 could drive prices to the $2.00 level - Pat Donnelly, senior broker with Peak Trading Group in Chicago. Front-month March copper flat at $1.6855. COMEX estimated futures volume 5,353 lots by 9 am.
Comments
Comments are closed.