US copper futures touched highs set overnight early on Friday, when US payrolls came in well below forecasts, suggesting the Federal Reserve could take a break from raising interest rates, but sellers came in soon to take profits before the weekend, brokers said.
"It traded up to the highs overnight, then we made a double top, but then everybody came in the ring and started selling at the same time. It kind of feels like we're in a down move, like an end-of-the-week sort of thing," a floor broker said.
"It's definitely more profit-taking. But I think people would feel nervous going home short for the weekend," he said.
Copper for July delivery fell 1.20 cents to $3.4675 a lb. on the New York Mercantile Exchange's COMEX division, trading from $3.45 to a new contract peak at $3.5550.
Spot May soared to a new all-time COMEX record at $3.64 a lb. in the overnight session, but fell 1.30 cents to $3.58 by mid-morning, in a range from $3.56 to $3.64.
Copper volume at 10 am was 5,000 lots. Floor brokers said profit-takers came in shortly after the highs were made following the US jobs report.