US copper futures rose early Thursday as the dollar lost ground following a tame US inflation reading, traders said. Buying intensified when funds, speculators and locals all jumped in the fray as copper prices broke above key resistance levels, a COMEX floor traders said. "Short covering is driving copper up, along with some new technical buying. We're running into resistance areas," said one copper broker.
London copper's charge to a new all-time high added to the rally, traders said.
At the COMEX division of the New York Mercantile Exchange, benchmark May copper rallied 1.60 cents to $1.5080 a lb., in a range that extended up to $1.5160. The low was $1.4880.
Spot April futures advanced 2.05 cents to $1.52. The rest gained 0.55 to 2.50 cents and a few hit new lifetime highs.
COMEX estimated 10 am copper volume at a heavy 10,000 lots.