US copper futures rallied to their loftiest levels since late January early on Tuesday, driven by renewed dollar weakness and improved underlying market fundamentals. Benchmark copper for March delivery climbed 8.80 cents, or 2.9 percent, to $3.1710 per lb by 10:09 am EST (1509 GMT) on the New York Mercantile Exchange's COMEX division.
Range from $3.0635 to $3.1810, its highest level since January 27. COMEX estimated futures volume at 21,946 lots by 9 am. Copper up as supportive fundamentals override macroeconomic uncertainties, said analysts. Narrowing of nearby time spreads signalling tighter availability, while London Metal Exchange (LME) inventory cancelled warrants on steady uptrend, said Barclays Capital.
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