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Copper declines

NEW YORK: COMEX copper fell in midsession trading after failing to maintain its climb to the important level of 140 cents a lb.

"We have cleaned out the stops on the upside, and are now looking at 137.40 on the downside," said a floor source.

The funds, which led yesterday's rally, have taken a back seat so far today. "But we have seen some trade selling," the floor source said.

At 1143 EDT, active September was at 139.30 cents, down 0.40 cent, traded between 140.70 and 138.60 cents.

Traders said there is some disbelief the market rallied so high yesterday. The five cent climb was a little overdone, according to the traders.-Reuter