US copper futures erased earlier losses and ratcheted up to a new three-week high above $3.30 per lb early on Thursday, buoyed by a decline in the dollar and strength in US equity markets. Benchmark copper for March delivery firmed 3.90 cents, or 1.2 percent, to $3.2785 per lb by 10:32 am EST (1532 GMT) on the New York Mercantile Exchange's COMEX division.
Range from $3.18 to $3.3140, highest level since January 27. Active May copper was up 4.55 cents at $3.2850. COMEX estimated copper futures volume at 28,592 lots by 10:00 am Copper rebound supported by movement in currency market and improvement in equities, said Sterling Smith, an analyst for Country Hedging Inc in St. Paul, Minnesota.