Copper rose to a one-week high in New York futures trade on Wednesday after reports of increased Chinese buying and upbeat data from China and the United States helped extend a two-day rally in the metal. Copper for March delivery rose 0.90 cent to settle at $1.5310 a lb on the New York Mercantile Exchange's COMEX division. Session range from $1.5030 to $1.5695 a high dating back to January, 27.
Potential double bottom forming in benchmark March copper contract, with neckline at $1.60. A breach of that level (on a settlement basis) would confirm the pattern and open the way for the target just above $1.81 - Citigroup's CitiFX. COMEX estimated volume at 16,525 lots by 1 pm EST (1800 GMT). Final volume on Tuesday hit 17,883 lots.
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