Copper bounced to a firmer finish on Thursday, as chart-based buyers returned to the market following a three-day phase of consolidation that saw prices fall further away from record levels. Copper has surrendered more than 3 percent of its value since hitting record highs at $10,160 per tonne in London and $4.6375 per lb in New York on Monday, as investors began to question whether the sky-high futures price was justified given the sluggish state of physical market demand.
COMEX copper for March delivery rose 1.95 cents to close at $4.5435 per lb, near the upper end of its $4.4905 to $4.5585 range. COMEX copper volumes picked up with 47,151 lots traded by 1905 GMT, about a third above the 30-day average, according to Thomson Reuters preliminary data.