US copper futures fell sharply at Wednesday's open, then curbed those losses after a surprising jump in US housing data, traders said. Traders said funds had sell orders lined up at the open in response to the drop in crude oil prices, the rise in the dollar, and from profit taking at near peak levels.
At the COMEX division of the New York Mercantile Exchange, copper for December delivery was down 2.15 cents at $1.8040 a lb after falling as low as $1.7885 on profit taking.
Spot October slipped 2.80 cents to $1.9020 a lb. Late on Tuesday, it set a new record high of $1.93 per lb. COMEX estimated 10 am EDT volume at 7,000 lots.