US copper futures rallied early Thursday to their highest levels in a week after the dollar gave back early gains won on improved readings of the US trade deficit and weekly US jobless claims, traders said. "The numbers that came out today were both good for the dollar. Temporarily that hurt copper. But, in the long run, when the dollar gets healthy, copper's going to get healthy because it implies better demand here in the States," said one copper trader.
Benchmark March copper at the COMEX division of the New York Mercantile Exchange rose 1.40 cent to $1.4010 a lb., and hit a one-week high at $1.4040 from a low at $1.3815
Spot February advanced 1.50 cents a lb. to $1.4450. Other contracts were up from 0.80 to 1.35 cents. COMEX estimated 9 am copper volume at 5,000 lots.
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