Copper futures in New York traded higher at the open on Wednesday, but floor dealers cited extremely thin business with prices mired in recent trading ranges.
"Very, very quiet down here this morning. Guys just continue to sell this recent range that we have seen the last couple of sessions," said one source on the floor of the exchange. The ongoing strike at Chile's Escondida copper mine limited the market's losses, but failed to provide the strong upside boost that many had expected.
By 10:35 am EDT (1435 GMT), copper for September delivery was up 2.80 cents at $3.63 a lb on the New York Mercantile Exchange's COMEX division, near the top of its early $3.5580-$3.65 trading band.
"If we can get up through this trend-line at around $3.69, it's a whole new story," said one floor dealer. Spot August gained 2.40 cents to $3.6450 a lb, dealing from $3.6050 to $3.67. COMEX copper volume at 9:00 am was estimated at 3,000 lots.