COMEX copper prices charged higher early Thursday on a raft of bullish copper news, forcing investors to cover short positions and drawing fund buyers back to the market, traders said.
Citing strong fundamentals, traders said copper bulls felt more confident entering the market on Thursday. "I think there's a lot of shorts in the market. There's some new interest in buying it here, too, some more comfort here. Some of the stories coming out today are very impressive," said one copper trader.
COMEX active May copper rallied 3.20 cents at $1.3190 a lb. The range was a higher $1.2850 to $1.3225.
One analyst called May futures' move above $1.30 a break-out pattern reinforced by ongoing physical tightness. Spot March shot up 3.40 cents to $1.3180 per lb. Most of the rest of the board was not traded early in the session. A handful rose 0.85 cent to 2.95 cents.
COMEX estimated copper volume at 4,000 lots at 10 am EST (1500 GMT).
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