In New York, the May COMEX contract firmed 7.05 cents or 1.9 percent to settle at $3.6980 per lb, after dealing between $3.6245 and $3.7125. COMEX copper volume reached 68,600 lots in late New York trade, down sharply from last week's record of 127,276 lots.
The risk-on rally began with an unexpected rise in German business sentiment, which offered the latest proof that the euro zone's largest economy continued to outpace the bloc's debt-ravaged southern states.
In response, the euro climbed to a two-week high against the US dollar, and investors took on more risk after comments that the G20 would pledge to increase the IMF's resources by more than $400 billion. "The Spanish issue is still a big concern to the market. And demand from China has been very slow, so I wouldn't get too excited about the upside (for base metals)," Edward Meir, an analyst at INTL FCStone, said.
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