US copper futures edged higher at the open on Monday, as bargain-hunting buying helped prop prices up from 3-1/2-month lows hit late last week, but sentiment remained fragile due to ongoing worries about debt troubles in some eurozone countries.
Benchmark copper for March delivery rose 1.45 cents to $2.8720 per lb by 10:09 am EST (1509 GMT) on the New York Mercantile Exchange's COMEX division. Range from $2.8625 to $2.9315. On Friday, copper slumped to its lowest level since October 15 at $2.8110. COMEX estimated futures volume stood at 11,870 lots by 9 am. Copper up in technical rebound from over-sold conditions. Sharp gains in Asia overnight fuelled by positive arbitrage shift with the Shanghai Futures Exchange, said analysts.
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