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Updated from 12:07 p.m. EDT
Copper prices popped up in early trading Friday as London Metal Exchange stockpiles shrank again and sales of existing homes unexpectedly rose.
But the rally was short-lived and contracts for May delivery of the metal closed unchanged at $3.07 a pound in New York. The PowerShares DB Base Metals (DBB Quote) exchange-traded fund, which tracks other metals as well as copper, slipped 0.6%.
The National Association of Realtors reported better-than-forecasted sales of previously owned homes in February, but Randy Diamond, an analyst at Miller Tabak in New York, notes that the inventory of unsold dwellings ballooned to near a record level. ...
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