COMEX copper prices fell after the opening on Tuesday as some players decided to cash in profits following Monday's rally 6-1/2-year highs, traders said.
COMEX floor brokers said trading on Tuesday lacked any large transactions. Business was not pinned to a single sector of the market, but traders attributed selling to funds, London arbitrageurs and locals.
"It's active today, but volume is pretty light. I saw a little bit of profit-taking. Some of the quick profit-taking longs got out of their holdings when (March copper) was stopped out at $1.1810," a floor broker said.
Benchmark March copper slipped 0.55 cent to $1.1805 a lb, after rising to its highest level since June 1997 at $1.1945 on Monday. Tuesday's range was $1.1725 to $1.1920.
Spot February copper was untraded at $1.1900. Most deferred contracts were idle. A few were down 0.45 to 0.70 cent.
Traders noted that copper was beginning to consolidate.