COMEX copper fell moderately on Monday, reversing earlier gains, when the dollar turned positive following a strong US personal spending reading, but selling was limited as the industrial metal found support from a rallying US stock market. Moves were limited in both directions by light volumes with the London Metal Exchange closed by a bank holiday and New York desks thinly staffed following a hurricane wracked US East Coast.
The benchmark US September copper contract sold on the COMEX exchange was down $1.25 at $4.0865 per lb., about mid-range for trading during August. Earlier, it rose to $4.1140 and fell as low as $4.0575 a lb. But, some participants noted that the rally in US equity markets and mixed US economic readings, should keep copper in range for the near term.