US copper futures were sold heavily in a bout of fund-led long liquidation early Friday, after a slide in crude oil prices undermined holdings in several commodity markets, traders said. "The funds are liquidating long positions right now," said one floor broker.
At the COMEX division of the New York Mercantile Exchange, copper for December delivery tumbled 6.60 cents, or 3.68 percent, to $1.7270 a lb., after sliding to $1.7225 a lb., matching the low hit on October 3.
On Thursday, it set a new contract high of $1.8580.
Spot October slipped 6.80 cents to a low at $1.8550 a lb., after reaching a record peak at $1.9670 on Thursday. COMEX estimated 10 am volume at a hefty 10,000 lots.