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Copper remains higher

NEW YORK: COMEX copper lost some of the gains it made this morning but remained firmly above 142 cents a lb at midday as funds debated whether to buy more, traders said.

"The funds are not at full tilt yet," said a floor source. "The hope and expectation is that some way we will break away from this range that we have been stuck in, 127.50 to 143 cents."

The funds appear to be mulling whether to move in wholeheartedly to amplify their positions built up over the past few days which pushed September and December COMEX to contract highs.

September was up 0.95 cent a lb at 142.70 cents at 1230 EDT, traded 143.40 to 141.60 cents a lb.

December, the next active contract, was up 1 cent at 138.10 cents a lb.

"There is a lot of asking in the market about where is this thing going to go - and should we do it now," the floor source said.-Reuter