US copper futures snapped a weeks-long rout to end with near 4 percent gains on Wednesday, propelled higher by consumer buying that led to a huge short--covering rally, traders said. COMEX estimated final volume at a hefty 34,959 lots, with turnover nearly doubling after the rally began. Tuesday's final count totalled 28,767 lots.
Spot copper reversed all of its massive day-earlier losses when backwardations on both COMEX and the London Metal Exchange began unwinding the tight supply conditions built into prices.
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