US copper futures closed up a two-week top on Friday, driven by improving economic sentiment and expectations that demand from China, the world's biggest consumer, remained robust in June. Copper for September delivery rose 3.80 cents, or 1.3 percent, to finish at $3.0535 per lb on the COMEX metals division of the New York Mercantile Exchange.
Loftiest level on a settlement basis since June 28. Range from $3.0160 to $3.0705. Since July 1 low at $2.8555, key September contract up over 7 percent. COMEX estimated final copper futures volume at 19,492 lots. Copper gains track 2.3 percent rally in Shanghai Composite and 1.6 percent gain in Hong Kong's Hang Seng Index, signalling more economic optimism in China - Bart Melek, Global Commodity Strategist with BMO Nesbitt Burns in Toronto.
Market momentum additionally fuelled by expectations of rising copper imports into China before scheduled release of data on Saturday. London Metal Exchange metal stocks fell by 2,100 tonnes to 436,900 tonnes, their lowest since November 2009.
Deliverable copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 6 percent to 117,459 tonnes from 124,558 tonnes a week earlier. Copper stocks on warrant down 1,226 tonnes to 26,245 tonnes. COMEX copper inventories declined 47 short tons to 101,235 short tons as of Thursday.
Copper gains buck weaker tone in euro versus dollar, after round of profit-taking in the single currency from more than 2-month peak. LME copper for three-months delivery closed at $6,769 per tonne from Thursday close at $6,610 a tonne.
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