COMEX copper futures relinquished early gains on Thursday, as a stronger dollar and volatile trading conditions continued to hold the market on the defensive, prompting some investor profit-taking, sources said.
"We opened up pretty strong, but it looks like guys are just getting out of those earlier positions. The market is just too active now ... it moves too much to get stuck in a position, so you take what you can get," said one COMEX floor dealer.
By 10:34 am EDT (1434 GMT), benchmark September copper was down 4.00 cents at its early low at $3.07 a lb on the New York Mercantile Exchange's (NYMEX) COMEX division. Earlier, it rallied to $3.2710, its loftiest level in eight days.
Copper for July delivery sank 3.55 cents at $3.1550 a lb, just off the lower end of its $3.15 to $3.3350 range. Spot June eased 0.05 cent at $3.30 a lb. COMEX copper volume at 9 am was estimated at 3,000 lots, with 632 lots in switches.