US copper futures fell at the open Wednesday, following London's lead, on some light long liquidation and profit-taking as buyers waited on the sidelines ahead of Federal Reserve Chairman Alan Greenspan's testimony. "Arbitrage selling out of London probably worked us about three quarters of a cent lower," said one trader. Benchmark March copper at the COMEX division of the New York Mercantile Exchange was 1.25 cents lower at $1.4460 a lb., dealing between $1.4370 and $1.4575.

Spot February was down 1.00 cent at $1.4770.

One floor dealer noted funds were still on the long side of the market, and were adding to their positions as most of the weaker players were being weeded out of the market.

Copyright Reuters, 2005