US copper futures opened in negative territory early on Tuesday as spread business and some profit-taking kept prices on the defensive, although bullish market fundamentals should continue to support, traders said.
"It's pretty steady this morning, holding in about a penny range. The July/September spread is what's really moving the market right now, though I think that rollover is just about complete," said one.
Benchmark September futures at the New York Mercantile Exchange's COMEX division fell 1.20 cents at $1.5520 a lb. by 10:24 am EDT (1424 GMT), trading from $1.5420 to $1.5640.
Still-active July copper lost 1.60 cents at $1.5820 a lb., dealing from $1.5775 to $1.6010, and spot June dropped 1.70 cents at $1.6650. COMEX estimated copper volume at 10 am EDT was at 8,000 lots.