US copper futures vascillated at lower levels early Thursday as currency markets sorted out whether a slower-than-forecast US first-quarter growth pace would forestall Federal Reserve interest-rate hikes or inflation gains would accelerate them, traders said. Though many copper traders sold in reaction to dollar strength, some funds were detected unloading because of the slower copper demand implied by a slew of recent US data, including Thursday's release of first quarter GDP.
At the COMEX division of the New York Mercantile Exchange, new benchmark July copper was down 0.70 cent at $1.4360 a lb, in a $1.4250 to $1.4450 range. April copper came off the board on Thursday. With Friday being first notice day for May futures, the May contract moved into spot position. It lost 0.50 cent to $1.4530. The rest were down 0.15 to 1.70 cents. COMEX estimated 1000 EDT copper volume at 10,000 lots.