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Comex copper ends up, tracking base metals rise

NEW YORK: Comex copper futures spent a quiet day in the wake of other base metals on Wednesday to end slightly higher and within a narrow range established early, dealers said.

March through November copper settled up 0.20 cent, with March closing at 82.20 cents a lb and May at 83.30 cents, making up in part for losses of 0.65 cent in both contracts Tuesday.

March, which has been trading in a tight range of 81.25 to 82.80 over the past several days, squeezed into a yet smaller band on Wednesday between just 81.70 and 82.50.

"It's been relatively quiet. (LME 3-month copper) has support at $1,800/10 a tonne. For the time being I think that'll hold," a dealer said. "There is no particular news."

The market found a floor for the second day running at 81.70, above key technical support near 81.25, with some players putting on longs in anticipation of a rise.

"There is a feeling it ought to be bought at these levels," a dealer said.

The market followed the lead of other base metals, rising near midday to later drift off. No major moves are expected until Comex and LME copper manage to push above recent ranges or falter, though support is seen holding for now.

LME copper closed up at $1,816 a tonne from $1,811 on Tuesday, still firmly embedded in its $1,800 to $1,830 a tonne range. The nine-day relative strength index for March copper, a sign of the strength of its move, rose to 31.48 on Wednesday.-Reuters