US copper futures started the year with strong gains early on Monday, hitting a new 16-month peak above $3.40 per lb, as the dollar weakened, Chilean supply threats grew, and manufacturing data reinforced recovery optimism. Benchmark copper for March delivery firmed 6.05 cents, or 1.8 percent, to $3.4070 per lb by 10:32 am EST (1532 GMT) on the New York Mercantile Exchange's COMEX division.
Range from $3.3465 to $3.4290, a new high dating back to early August 2008. COMEX estimated futures volume at 10,257 lots by 9 am.