Noting that volumes have been light, however, some analysts said they think copper is primarily consolidating its recent gains as players try to decipher the next big move.
Scott Meyers, Pioneer Futures senior trading analyst, said, "I think we're still stuck in a range between $1.80 to $1.85 (cents a lb. on the December contract).
As long as we stay within that tolerance, above $1.85 it will move to $1.90. If we settle below $1.80, then you can look for another 5 to 7 cents to the downside."
Myers pointed out that copper has been settling within that trading band for most of the last 10 trading sessions and a breakout will indicate copper's short-term direction.
The Comex division of the New York Mercantile Exchange's copper for December delivery finished 0.65 cent lower at $1.8315 a lb., and set a double bottom at the session low of $1.8230.
The high was $1.8480 a lb.
With the November contracts expiring on the 28th, some players have already begun selling there December copper Contracts and moving them into March futures.
Spot November fell 0.65 cent to close at $1.9255 a lb., and March lost 0.90 cent to end at $1.7755. Activity remained thin, with Comex estimating final volume at 19,000 lots, similar to the 19,450 tally on Tuesday.
Asarco said it planned to boost copper production to take advantage of record prices after reaching a deal with workers to end the strike. Copper prices showed a muted response to the news, with traders hesitating to react to talk of additional supply before concentrates actually reach smelters and warehouses.
China said on Wednesday its State Reserve Bureau would sell 20,000 tonnes of copper next week. And London Metal Exchange warehouse stocks rose by 450 tonnes to 67,475 tonnes on Wednesday.
Comex inventories were unchanged at 3,690 short tons on Tuesday's daily report. A stronger dollar also weakened copper prices. The dollar firmed against the euro as investors awaited more clues about a future interest rate hike from the European Central Bank.
September wholesale sales were also higher at 2.4 percent compared with a 1.8-percent sales increase in August. LME three-month copper ended on Wednesday with small losses at $3,951 a tonne, down from $3,957 a tonne on Tuesday.