Comex copper futures settled down and near session lows on Friday, as investors banked some profits after prices rallied more than 6 percent in the previous session, sources said. "We were a little over-cooked yesterday and I think it was just a natural reaction on the downside today," said one brokers at a New York trading house.
Benchmark September copper closed down 6.95 cents at $3.5475 per lb, near the lower end of its $3.5360 to $3.6195 trading band. Resistance in September copper was pegged at $3.65 and then at $3.70 while support was put at $3.30 to $3.25 and then at $3.00.
Spot July lost 7.20 cents to $3.6425 after dealing in a tight trading range between $3.6350 and $3.7070. The all-time Comex record for spot copper was set at $4.16 a lb on May 11. Comex final copper volume was estimated at 10,000 lots compared to the 14,300 lots recorded on Thursday.