US copper futures ended higher on Wednesday, but backed away from a fresh one-week high as a fading rally on Wall Street sapped a part of the red metal's earlier technical and dollar-induced strength.Copper for July delivery rose 3.70 cents, or 1.8 percent, to close at $2.1065 a lb on the New York Mercantile Exchange's COMEX.
Session range from $2.0620 to $2.14, the benchmark contract's highest level since May 12. Strong technical momentum from buy signal triggered on Monday at $2.0470 a lb - Larry Young, senior trader at Infinity Futures Inc in Chicago.
COMEX estimated futures volume at 15,089 lots by 1 pm EDT (1700 GMT). Final volume on Tuesday hit 18,416 lots. Downtrend in the US dollar attracting a lot of buying interest into broader commodity complex - Michael Gross, futures analyst with Optionsellers.com in Tampa, Florida. COMEX copper stocks went up 558 short tons to 51,074 short tons as of Tuesday.
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