COMEX copper futures were lower in late morning following a move to fresh 3-1/2 month lows, but losses were pared amid news of a mine fire in Kazakhstan, traders said.
"The market gave a try at unchanged before it sold off. I think it might have to do with the fire in at a Kazakhstan mine. That goosed it on the upside with some short covering," said one COMEX broker.
London Metal Exchange copper came back from session lows on news of a fire at a Kazakhstan mine, which was seen to be compromising supplies. In a knock on effect, COMEX copper was pulled up from its lows as well, but still hung in negative territory.
Active July copper was down 0.25 cent at $1.1420 a lb. The range moved down to a low last seen on February 2 at $1.1290, filling a price chart gap in the overnight session.
Some traders, who measaure a gap fill by activity during regular trading hours, said more selling could be in store. The July high price was $1.1450 per lb.
Spot May fell 0.15 cent to $1.1430 per lb.