Comex copper eases 1.8% on strong dollar, profit-taking

Dec 15, 2010 | 01:16 PM |

Copper prices shed nearly 2 percent in New York trading Wednesday as a stronger dollar prompted some investors to cash in on profits.

The most actively traded March contract on Comex closed at $4.1325 per pound Wednesday after reaching an intraday high of $4.2185 per pound. The settlement was down 1.8 percent from Tuesday's close at $4.209 per pound, but was still 0.8 percent higher than last Wednesday's settlement at $4.1005 per pound. The profit-taking came after the red metal repeatedly tested record highs through November and December.

Earlier on Wednesday, three-month copper shed 1.6 percent to end second-ring trade on the London Metal Exchange at $9,060 per tonne after reaching a new record high Tuesday. The metal had closed the same ring at $9,208.50 per tonne Tuesday.....

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