Copper futures pulled back a tad as participants cashed in on the metal's record prices and Chinese traders were on holiday.
Copper futures pulled back a tad as participants cashed in on the
metal's record prices and Chinese traders were on holiday.
The most actively traded copper contract, for March delivery, was recently down
0.75 cent, or 0.2%, at $4.5395 a pound on the Comex division of the New York
Mercantile Exchange.
"We're going to be vulnerable to a little profit-taking up here,"
said Sterling Smith, market analyst at Country Hedging in
Minnesota
.
In electronic activity overnight, the metal had extended its record high to
$4.5620, building on gains from Tuesday as news of global manufacturing gains
caused a sharp rally in the industrial metal.
In
China
, the
world's largest copper consumer, traders were out of the market as the weeklong
Lunar New Year holiday began Wednesday.
China
consumes 40% of the world's annual copper production.
"With them on the sidelines, that's a natural subduing effect," Smith
said.
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