US copper futures closed at a new 26-month peak for a second straight day on Wednesday as investors continued to switch from dollars to metals amid fears of further quantitative easing and concerns about inflation. Copper for December delivery ended up 2.65 cents at $3.7530 per lb on the COMEX metals division of the New York Mercantile Exchange Highest level on a settlement basis for the third position futures contract since July 14, 2008.
Range from $3.7230 to $3.7895. COMEX estimated copper futures volume at 25,552 lots by 1 pm EDT (1700 GMT). Final volume on Tuesday hit 33,183 lots. Open interest jumped 4,310 lots to 153,457 contracts as of October 5.
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