Copper jumped nearly 2 percent to close Wednesday at a three-week high, as confidence in Asian economic growth prospects and speculation that the Federal Reserve could stand ready to support the ailing US economy powered prices higher.
Unfazed by a 1-percent slide in US equities and a stronger dollar, copper climbed for a third straight day, as investors shifted their focus to an overnight rally in Asian markets and the surprising strength in shares of some banking heavyweights, which signalled to some that the world's largest copper buyer was on firmer economic footing than its Western counterparts. In New York, the active December COMEX contract shot up 8.15 cents to settle at $4.0980 per lb.