US copper futures pulled back from the prior session's record highs early Thursday, though benchmark December hit another life-of-contract high, but dealers noted a slightly stronger US dollar and some end of the quarter profit-taking were seen weighing on prices.
"It's kind of subdued today compared to the other markets. We have had a fairly significant run-up the last couple of weeks in the copper, so I think in the back of some traders' minds, there may be some end of the quarter profit-taking coming in here," said one dealer.
By 10:03 am EDT (1403 GMT), copper for December delivery was off 0.30 cent at $1.7450 a lb on the New York Mercantile Exchange's COMEX division, dealing from $1.7330 to a new life-of-contract high at $1.7510. Spot September eased 0.40 cent at $1.8150.
December copper futures climbed to a contract high at $1.75 a lb and closed at $1.7480, up 2.00 cents on the day.
Spot September shot to an all-time high of $1.8820 a lb, and finished with 3.85 cent gains at $1.8765 a lb.