New York copper futures were mixed early Friday as players seeking a near-term direction were torn between selling on inventory increases and buying dips in anticipation of rising demand over the medium term, traders said.
After being tossed off record levels and flung 5 percent lower earlier in the week, traders said prices were expected to spend the rest of Friday within a small range.
At the New York Mercantile Exchange's COMEX division, benchmark September copper fell 0.30 cent at $1.6560 per lb., off the high at $1.6670. On Tuesday the contract climbed to a lifetime high at $1.7380 a lb., then fell the next day to a low at $1.6325 a lb.
Spot August copper, on the other hand, was up 0.35 cent at the $1.7250 a lb session high, though well below the all-time peak hit Tuesday at $1.8025 a lb.
COMEX estimated volume at a moderate 2,000 lots, compared with a heavy tally of 27,794 lots after Wednesday's rout.