Copper down slightly from fresh highs in quiet day of trading

Dec 29, 2010 | 01:51 PM |

Copper edged down slightly in thin trading in New York on Wednesday, failing to match record high settlements reached the previous day.

Contracts for March delivery, the most active, traded as high as $4.332 per pound before settling at $4.3115, down 0.4 percent from Tuesday's close.

The red metal hit an all-time high Tuesday, when contracts for March delivery settled at $4.328 per pound.

Copper has been lifted by a weak dollar, which by late Wednesday was off 0.05 percent against the euro. A weaker dollar makes commodities cheaper for holders of other currencies buying dollar-denominated goods, while also making the same commodity effectively cheaper for domestic buyers. ....

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