US copper futures closed quietly higher on Monday, swept up in a dollar-induced buying spree seen across the broader commodity complex, with supply-side issues in Chile lending some support to the move. Copper for December delivery ended up 1.90 cents at $2.8570 a lb on the New York Mercantile Exchange's COMEX division. Range from $2.8380 to $2.8770.
Last week, December contract rallied to a three-week high at $2.9010. COMEX estimated futures volume at 11,662 lots by 1 pm. EDT (1700 GMT) London Metal Exchange warehouse stocks climbed 775 tonnes on Monday to a five-month high at 347,375 tonnes. COMEX copper warehouse stocks went up 634 short tons to 55,661 short tons as of Friday.
COMEX net noncommercial short positions trimmed to 4,771 lots in week ended October 6, from 6,281 lots the previous week. Open interest up at 119,080 lots versus 113,874 lots in the week of September 29. Market looking ahead to China's preliminary September trade data on Wednesday, LME copper for three-month delivery shed $55 by the close to $6,275 a tonne.
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