US copper futures closed at their highest since late June on Wednesday, driven by strong technical momentum and indications of a tighter supply/demand market balance. Copper for September delivery surged 9.15 cents, or 3 percent, to settle at $3.0930 per lb on the COMEX metals division of the New York Mercantile Exchange. Loftiest level on a closing basis since June 25. Range from $2.9980 to $3.1065.
COMEX estimated final copper futures volume at 47,033 lots, versus 42,564 lots on Tuesday. Open interest down 65 lots at 132,711 contracts open as of July 20.