LONDON- Copper drifted lower on Friday, hovering below the $10,000 level it briefly broke through a day earlier as the dollar strengthened and some speculators locked in profits.
Benchmark copper on the London Metal Exchange had shed 0.8 percent to $9,803 a ton after five sessions of gains. It rose to as high as $10,008 on Thursday, close to an all-time record of $10,190 hit in February 2011.
LME copper, which has gained 27 percent so far in 2021, was still on track for a monthly gain of 9 percent, boosted by optimism around prospects for a quick global economic recovery as well as tightening supply.
“There’s been a bit of profit-taking in copper, we’re going into the holiday season in China,” said Robert Montefusco at broker Sucden Financial.
