Copper prices retreat

LONDON, Dec 21 (Reuters): Copper prices pulled back on Thursday as investors shed some of their bullish positions after the market failed to sustain fresh highs.
Three-month copper on the London Metal Exchange CMCU3 slipped 0.6 per cent to $8,535.50 per metric ton by 1045 GMT after it briefly touched a 4-1/2-month peak on Wednesday, but closed slightly weaker.
"The rejection yesterday is still reverberating in the market today with the failure to gain a foothold above the recent highs," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
"It's setting up an interesting start to next year because we've been in an uptrend since October and the question is whether it can be maintained."
LME copper has gained about 9 per cent since hitting an 11-month low of $7,856 on Oct. 23.