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Copper futures

end with gains

NEW YORK: Light profit-taking and a little arbitrage selling combined to slice some of the gains notched up by Comex copper during the day, traders said on Thursday.

The Bundesbank rate cut lifted base metals on both sides of the Atlantic, luring sellers to step in to cream off some profits, a trader said.

A floor source said some players were also long and started some Comex September aribtrage selling and buying the LME counterpart.

"September closed above 138.00 cents a lb, that's the important thing," said Jim Steel of Refco.

September closed at 139.55 cents a lb, up 0.85 cent, traded 141.20 to 139.50 cents. December has become the most actively traded by a narrow margin, closing at 137.40 cents, up 1.15 cents.

Steel said copper was able to move higher despite the negative growth in July U.S. durable goods orders.

"Out of the last six months, durable goods orders have been negative in five of them. This shows copper is now as much supply led as demand led," Steel said.-Reuter