US MIDDAY: copper slips on fund buying

New York copper futures slipped early Tuesday as some market players took profits at the recent highs and others became nervous that day-earlier peaks would not be sustained, traders said. Though fund buyers may still be lurking in the wings, brokers said, some speculative traders remained cautious.
Copper volume was estimated at 4,000 lots by 10 am.
Benchmark copper for September delivery at the New York Mercantile Exchange's COMEX division lost about 1.20 cents to $1.6510 a lb. On Monday, it soared to a new life-of-contract high at $1.6640 per lb. shortly before the close.
The spot August contract was down 0.90 cent at $1.6945 a lb., after surging to a fresh record at $1.7050 per lb. on Monday.