US copper futures rose to a new 5-month peak Friday morning, after US March unemployment numbers were in line with expectations, but traders expected part of the gains to be rolled back and the market to enter a new phase of consolidation next week.
Copper for May delivery was up 1.40 cents at $1.9040 a lb by 10:33 am EDT (1433 GMT) on the New York Mercantile Exchanges COMEX division. Session range from $1.8710 to $1.9110, a new high dating back to November 5.
COMEX copper likely to see some profit-taking and consolidation from recent strength, when prices climbed more than 9 percent on the week, said Larry Young, senior trader at Infinity Futures Inc in Chicago. COMEX estimated electronic futures volume at 8,018 lots by 10 am.