Copper climbed more than 2 percent on Wednesday, on buying spurred by recent bullish investment bank outlooks amid mounting evidence of a production short-fall this year. Macquarie Bank's removal of its short-term sell in copper a week ago and Goldman Sachs' recommended long position this week seem to back what many long-term bulls have been betting on - that supply growth in 2011 will fall well short of rising global demand.
In New York, the July COMEX contract jumped 9.40 cents to settle at $4.1070 per lb, near the upper end of its $4.0005 to $4.1270 session range.