US copper futures climbed back above the $1.50 a lb level early Tuesday as the new year buying momentum gathered pace ahead of an annual commodity index re-weighting. Copper for March delivery rose 6.35 cents, or 4.3 percent, to $1.5225 per lb by 10:30 am EST (1530 GMT) on the New York Mercantile Exchange's COMEX division.
The early range ran $1.45 to $1.5580 which marked the loftiest level since December 4. COMEX estimated volume at 6,155 lots by 9 am. The benchmark March contract has recovered more than 24 percent of its value since its late-December trough at $1.2550 - its lowest level since October 2004 on a continuation basis.