Absence of copy & paste feature in iphone hurts especially while surfing the internet.Though apple will release new firmware update to add these extra functionalities it is long way now.Here are two third party application which can add copy & paste functionality to iphone.
Cut, Copy & Paste
Tap and drag across text to copy it, and then paste it within the document or to a brand new note.
Create Rich Text Documents
Choose from 6 different font styles, 5 different sizes, and 8 unique colors. Addbold, italics, underline, and strikethrougheffects to make your documents standout.
Email Your Documents
Send your rich text documents to anyone via e-mail.