US copper futures stretched to a new 19-month peak Tuesday morning, supported by improved risk sentiment and economic recovery optimism reflected in better-than-expected consumer confidence data. Copper for May delivery up 3.95 cents, or 1.1 percent, to $3.5750 per lb by 10:45 am EDT (1445 GMT) on the New York Mercantile Exchange's COMEX division.
Range from $3.5005 to $3.5775, the highest level for a second-position contract based on a continuation basis since early August 2008. COMEX estimated copper futures volume at 14,779 lots by 10 am COMEX copper stocks declined 110 short tons to 101,336 short tons as of Monday. LME copper last traded at $7,875 per tonne from $7,770 per tonne at the close on Monday.
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