Copper futures fell from a record high on Thursday as investors locked in profits and a report of rising U.S. mortgage foreclosures raised concerns of weakinging demand.
Copper for delivery in May fell $7.85 cents or 1.97 percent to $3.9035 a pound today on the Comex division of the New York Mercantile Exchange.
Earlier the price rose to $4.0240 a pound its first valuation above $4 since May 11, 2006 when the red metal touched $4.04.
U.S. mortgage foreclosures jumped to 0.83 percent of all home loans in the fourth quarter compared to 0.54 percent a year earlier, the Mortgage Bankers Association reported today.
The U.S. is the second largest consumer of copper in the world and it is used mainly for housing construction, pipes and wires.
Some analysts expect copper futures to rebound due to Chinese demand, whichis the fastest growing major economy in the world.
Supporting an increase in demand, stockpiles of copper monitored in the London Metal Exchange dropped for the eight consecutive session. Inventories fell by 1.7 percent or 2,350 metric tons to 135,800 metric tons.
Copper futures on the London Metal Exchange for delivery in May fell $125 or 1.4 percent to $8,555 a metric ton.