US copper futures gained ground at the open on Thursday as rising equity markets and falling inventories buoyed sentiment, but a rebound in the dollar and investor caution ahead of next week's bank stress test results capped the advance.
Copper for July delivery was trading up 4.95 cents, or nearly 2.5 percent, at $2.0545 a lb by 10:41 a.m. EDT (1441 GMT) on the New York Mercantile Exchange's COMEX division. Morning range from $1.9935 to $2.0730.
Support in benchmark July contract eyed at $1.90, followed by $1.82-$1.86 area, and the 100-day moving average at around $1.64. Resistance at the April peak just below $2.25, said traders. COMEX estimated electronic futures volumes at 4,866 lots by 9 a.m.