COMEX copper futures surged at the open on Tuesday as funds tried to catch up with firmer prices in London, traders said, but copper edged off the highs after the release of several strong US economic reports that helped the dollar gain ground against the euro.
The dollar was softer when copper opened, which helped the red metal climb to a 6-week high after a three-day holiday weekend created pent-up demand.
US commodities and financial markets were shut Monday in observance of the US Memorial Day holiday. London trade was also closed for a bank holiday.
Active July copper was up 1.25 cents at $1.2900 a lb., in a range that set a higher low at $1.2810 and hit a peak dating back to April 21 at $1.3000 per lb. Spot June gained 1.70 cents to $1.2950. Later dated contracts changed hands from 0.95 cent to 2.65 cents higher.
Copper volume was seen by COMEX at 4,000 at 10 am EDT.