COMEX copper traded up Wednesday, powered by a slumping dollar while ignoring gloomy US housing and orders data, traders said.
But they said the lack of volume subdued price moves in either direction as the copper market absorbed some of the recent losses that led to 3-1/2 month lows last week. "I think we're still in a short-covering mode. It's funny with the durable goods orders and housing starts. Although they're weak, it makes the dollar weak, which helps copper," said one copper trader.
Benchmark July copper pushed up 0.90 cent to $1.2430 a lb, and traded between $1.2145 and $1.2445.
Spot May gained 0.20 cent to $1.2340. Back months were up 0.15 cent to 0.50 cent, though most contracts remained untraded.
Apparently brushing off the surprisingly weak US durable goods data for April copper maintained higher levels even after the orders declines were released.
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