US copper futures rose early on Wednesday, maintaining momentum above the $3.60 per lb level, after strong quarterly earnings and upbeat economic data improved risk sentiment and underscored recovery optimism. Copper for May delivery ended up 1.00 cent at $3.6105 per lb on the New York Mercantile Exchange's COMEX division.
Range ran from $3.5875 to $3.6190. On Monday, May copper rallied to $3.68 a lb, its highest level since late July 2008. COMEX estimated final copper futures volume at 37,364 lots, down from Tuesday's final count at 73,322 lots. Open interest up 1,575 lots to 150,306 contracts open as of April 13.
Copper up in sympathy with equities after data showing unexpected strength in US consumer spending and strong earnings results at J.P. Morgan Chase and Intel bolstered recovery hopes. Copper further buoyed by renewed dollar weakness after US Federal Reserve Chairman Ben Bernanke failed to give guidance on US interest rates. Market sentiment further boosted by early growth forecasts from China, the world's top metals consumer, calling for economic growth of about 11.9 percent in the first quarter.
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