Copper futures in New York climbed at the open on Friday on stock drawdowns and a retreating dollar, but lingering concerns over slowing economic growth will likely keep any rally in check, dealers said.
Copper for December delivery
was up 1.35 cents at $3.4450 a lb by 10:35 a.m. EDT (1435 GMT) on the New York Mercantile Exchange's COMEX division. Trading ranged from $3.4050 to $3.4950.
"The locals went long at the open, running up to the highs, but it looks like there is some stiff sales pressure near the top of this range that we are having difficulty with," said one COMEX floor dealer, citing the $3.50 (a lb) level as being a key level for the market to breach.
Spot September rose 2.30 cents to its early low at $3.4450.
COMEX copper volume at 10:00 a.m. was estimated at 3,000 lots.
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