US copper futures rallied to a new contract high at Tuesday's open as funds bought to catch up with London's rally, but later a negative US consumer confidence reading knockeed prices lower, traders said Copper resumed trading in New York after Friday's short session and Monday's close to observe US Presidents' Day, and players scrambled to match the 16-year highs in London set in response to broad dollar weakness, dealers said.

May copper, the newest most active contract at the COMEX division of the New York Mercantile Exchange, fell 0.25 cent to $1.4850 a lb. after trading between $1.4750 and $1.5020, a new contract high. On a three-month continuation basis, May's high dates back to 1989 levels.

Though many players were busy rolling March futures into May contracts, traders said, March was still as active as May. March rallied to a $1.5050 high.

Copyright Reuters, 2005