Copper fell in New York on speculation that an eight-session rally may be overdone, after prices surged to a record in London before the start of the first exchange-traded fund backed by industrial metal.
On the London Metal Exchange, copper touched $9,091 a metric ton, the highest ever, before retreating. ETF Securities will introduce a fund backed by copper, tin and nickel tomorrow. Stockpiles of copper tracked by the LME fell to 349,450 tons today, the lowest level since October 2009.
“There is an element of positioning ahead of the launch of the copper ETF,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “There is a little bit of profit-taking off the highs.”
Copper futures for March delivery fell 1.45 cents, or 0.4 percent, to $4.086 a pound at 11:23 a.m. on the Comex in New York. Earlier, the price touched $4.1545, the highest since reaching a record $4.2605 in May 2008. On the LME, copper for three-month delivery dropped $59.25, or 0.7 percent, to $8,955.75 a ton.
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