The price of copper settled at a three-week high above $1.60 a lb in New York futures trade on Tuesday, with chart-based buying and a fourth straight decline in London warehouse stocks driving the rally. Copper for May delivery rallied 8.85 cents, or 5.8 percent, to settle at $1.6045 a lb on the New York Mercantile Exchange's COMEX division.
Session range from $1.5150 to $1.6060, the contract's, highest level since February 10. Front-month March copper ended up 8.85 cents at $1.5960. COMEX estimated futures volume at 12,222 lots by 12 pm EST (1700 GMT). Final volume on Monday totalled 12,399 lots.
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