US copper futures rose to a three-week high early on Wednesday, after surprisingly strong housing and industrial production figures added to a recent string of upbeat data that bolstered the demand outlook for industrial metals. Benchmark copper for March delivery up 3.15 cents at $3.2530 per lb by 10:36 am EST (1536 GMT) on the New York Mercantile Exchange's COMEX division.
Range from $3.1940 to $3.2680, a high dating back to January 27. COMEX estimated futures volume at 24,245 lots by 10 am. Brighter economic outlook buoys copper after data showed new US home construction hit a six-month high and industrial output rose a solid 0.9 percent, said Frank Lesh, broker and futures analyst with Future Path Trading in Chicago. Copper upside tempered by broad gains in the dollar following the double-dose of strong data.