Copper futures in New York firmed at the open on Thursday, recouping part of the previous session's heavy losses, but dealers questioned the upside potential amid the market's weakening fundamental backdrop.
"Once again, it looked as though we were going to break below underlying support at $3.20, and we're bouncing back up this morning. It seems as though this market does not want to come off, and guys are fighting ... to keep it above $7,000 (a tonne) in London," said one COMEX floor dealer.
By 10:45 am EST (1545 GMT), copper for December delivery was up 3.15 cents at $3.2725 a lb on the New York Mercantile Exchange's COMEX division, holding to a tight 5-cent range between $3.2450 and $3.2950. Spot November went untraded at $3.2305. COMEX copper volume at 10:00 am was estimated at 3,000 lots.