COMEX copper futures traded higher in moderate business early Friday as the market stabilised itself after the previous day's 6.3 percent sell-off and prices looked to carve out new ranges, sources said.
By 10:30 am EDT (1430 GMT), copper for July delivery climbed 8.80 cents, or 2.6 percent, at $3.4450 a lb on the New York Mercantile Exchange's (NYMEX) COM0-$7,250 area in London held this week, so if nothing else, these levels are showing to be the bottom for the time being," said one COMEX broker at a New York trading house, adding that resistance continued to be pegged at $3.80.
Spot June advanced 9.80 cents to its early session high at $3.55 a lb.
Floor dealers noted the morning business was very quiet with COMEX copper volume at 9 am estimated at only 2,000 lots.