US copper futures charged up to fresh one-week highs at the start on Wednesday, driven by gains in London prices after stronger-than-expected Chinese growth implied demand for the red metal would remain high, traders said. At the COMEX division of the New York Mercantile Exchange, benchmark May copper rose 1.75 cents to $1.4890 per lb., as it ventured toward the 16-year high hit last Tuesday at $1.5360. Wednesday's range extended up to $1.4970 from a low at $1.4710 a lb.
Spot April gained 1.15 cents to $1.50 a lb. The rest of the board was up 0.80 to 2.40 cents.
COMEX put 1000 EDT copper volume at a hefty 13,000 lots. COMEX assigned 2,525 of the traded lots to switches out of May contracts and into July copper as first notice day for the May contract approaches on April 29.
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