US copper rallies

Copper snapped a five-day losing streak with a 2-percent rally on Tuesday, as investors continued to price in stronger 2011 demand outlooks for top consumers China and the United States. The move propped prices back up to the middle of their New Year trading range despite uncertainties before a Portuguese debt auction on Wednesday, fears of further monetary tightening in China, and another large build in London Metal Exchange (LME) copper stockpiles.
COMEX copper for March delivery shot up 8.45 cents to settle at $4.3490 per lb, near the upper end of its $4.2730 to $4.3620 session range. The key COMEX contract continued to oscillate between its 20- and 10-day simple moving averages.