US copper futures drifted into negative territory early Tuesday, pulled down by a firmer dollar, renewed weakness in the price of crude oil and pessimistic demand prospects highlighted by a five-year high in London stockpiles.
Copper for March delivery was trading down 1.45 cents at $1.5275 a lb by 10:42 am EST (1542 GMT) on the New York Mercantile Exchange's COMEX division. Earlier, the benchmark March contract touched a one-week high of $1.5750. COMEX estimated futures volume at 8,711 lots by 9 am Chartists peg near-term support in March copper at $1.40 a lb, followed by the December low of $1.2550, a level last seen in October 2004. Resistance was pegged around $1.60 per lb.