US copper prices finished near the sharply lower levels hit on Tuesday as the dollar surged on China's surprising announcement that it will raise key benchmark interest rates this week, traders said. Copper for December delivery was down 9.75 cents, or 2.53 percent, to finish at $3.7575 per lb on the COMEX metals division of the New York Mercantile Exchange.
Trading range ran from $3.73, lowest since October 12, to $3.8675 a lb. On Monday, December futures ran up to their highest level since July 2008 at $3.88 an ounce. COMEX estimated final copper futures volume reached a healthy 54,432 lots, well above Monday's total of 34,678 lots. Open interest added 2,398 lots to total 164,917 contracts as of October 18.
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