US copper futures rallied more than 7 percent early Friday, buoyed by rebounds in global equity markets and follow-through strength in the broader commodity complex, brokers said. Copper for December delivery firmed 9.85 cents, or 6 percent, at $1.7225 a lb by 10:13 am EST (1513 GMT) on the New York Mercantile Exchange's COMEX division. The range from $1.6805 to $1.7455.
On Thursday, the benchmark December contract fell as low as $1.58, the lowest level for a second-position contract on a continuation basis since mid-July 2005. Copper up on "good follow-through" momentum from yesterday's gains in commodity markets, said Altavest Worldwide Trading broker, Tom Hartman.
"From a technical perspective, we can get some pretty large moves in the market and still be in a downward trend," said Hartman. COMEX estimated futures volume at 5,397 lots by 9 am COMEX copper early strength driven by firmer tones in Asian and European stock markets overnight.
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