US copper futures closed on higher ground Wednesday as a declining dollar and firmer energy prices boosted the red metal's appeal as an alternative investment, analysts said. Copper for September delivery ended up 3.30 cents at $3.4715 a lb on the New York Mercantile Exchange's COMEX division. COMEX copper stocks were flat at 5,390 short tons on Tuesday.
Copper market looking for a seasonal bounce in fourth quarter demand following the end of the Olympic Games in Beijing. Miner Antofagasta expected fundamentals for the copper market to remain sound with prices remaining strong well into 2009, despite a softening of prices in the seasonally weaker third quarter.
Jiangxi Copper Co Ltd, China's top integrated copper producer, said its first half earnings rose 32 percent on strong copper and sulphuric acid prices. LME copper for delivery in three-months rose 0.9 percent to $7,650/7,655 per tonne from $7,580 on Tuesday.