US copper futures rallied 2.7 percent, or 9.80 cents a lb, on Wednesday as chart-based buying boosted values to their highest level in four weeks, while escalating strike action in South America provided additional support, analysts said.
Copper for July delivery settled 9.80 cents firmer at $3.7475 a lb on the New York Mercantile Exchange's COMEX division, its loftiest level on a closing basis since May 20. The session range ran from $3.6415 to $3.7580. By 1 pm EDT (1700 GMT), estimated volumes hit 24,412 lots. Final volumes on Tuesday totalled 17,718 lots.
Inventory data showed London Metal Exchange (LME) copper warehouse stock levels grow by 350 tonnes to 123,900 tonnes on Wednesday. COMEX copper stocks were unchanged at 11,040 short tons on Tuesday. LME copper for three-months delivery ended up $152 at $8,240 a tonne from Tuesday's closing level.
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