In New York, prices failed to sustain late gains on Monday. The key September COMEX contract eased 1 cent to settle at $4.4030 per lb. Following a recent shake-out that saw prices lose about 15 percent of their value from the April highs, investors are now re-enterng the market in search of value.
"They are looking at things like copper, which still has a decent supply story," said Randy North, a trader at RBC Capital Markets.