Copper futures in New York declined early Friday, with a few players selling after Thursday's rally and taking short-term profits ahead of a long US holiday weekend
"The selling is slight profit taking. It's a very thin market. There's not too much out here. It's a holiday weekend. It's kind of quiet. Some of it may be related to the Escondida strike ending," said one exchange floor broker. Copper for December delivery was down 1.60 cents to $3.44 a lb. on the New York Mercantile Exchange's COMEX division. It fell as low as $3.42 from a high at $3.49 a lb.
Spot September lost 3.40 cents to $3.4350 a lb., and traded in a band between $3.4350 and $3.5025.
Early volume was estimated at a light 2,000 lots, after a hefty buying spree on Thursday.