The key COMEX March contract inched slightly lower to settle at $3.8335 per lb, down from $3.8365 in Tuesday's settlement, but was trading slightly higher at $3.8445 per lb at 1419 EST (1918 GMT). Technically, copper will find support around $3.83, the 200-day moving average level it pierced on Tuesday, although buying momentum will need to pick up in earnest if prices are to break above $3.9895, the five-month high copper hit on February 9.
"Recent highs will be the upper end of the range for a while," predicted Bill O'Neill, partner of LOGIC Advisors, who is recommending investors stay neutral on copper for now. "Yesterday we had risk-on mentality. Today is more pause, reflective session," he said.