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(AMM) Copper edging higher after downslide

February 08, 2010 - 20:53 GMT Location: NEW YORK

KEYWORDS: copper , futures , Comex , LME

After a week of steep declines, copper futures eked out a small gain Monday as a slightly weaker dollar buoyed prices.

"You've dropped 60 cents a pound; to bounce up 4 cents after that is nothing. And we're in a very light volume day; it's just going the wrong way for most people's minds," a physical copper trader in the Midwest said.

Three-month copper closed second-ring trade on the London Metal Exchange at $6,346.50 per tonne, up 1.4 percent from $6,260.50 Friday, while March-delivery copper on the Comex division of the New York Mercantile Exchange settled Monday at $2.913 per pound, a 1.9-percent increase from $2.8575 the previous trading day.

"Copper is oversold and the dollar is a little weaker (Monday)," the Midwest trader said....

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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