US copper futures extend weekly gains on weak dlr - Minerals
U.S. copper futures settled higher on Wednesday with further downward pressure in the dollar this week providing support to the red metal's rebound from 1-1/2-month lows made last week, analysts said.
"The U.S. dollar is the biggest piece of the puzzle right now," said Matthew Zeman, head of trading with LaSalle Futures Group in Chicago. "It's really getting kicked in the teeth again today and if it keeps falling, I think the metals can continue to inch higher and get back on track."
Copper for May delivery HGK8 ended up 4.65 cents at $3.7250 a lb on the New York Mercantile Exchange's COMEX division, after dealing between $3.6750 and $3.75.
Last week, a positive bounce in the U.S. dollar sparked a wave of liquidation in the broader metals arena, pressuring the May copper contract down to $3.4610, its lowest level since Feb. 8.
By 1 p.m. EDT (1700 GMT), futures volumes were estimated at 13,506 lots. On Tuesday, final volumes totaled 16,665 lots.
Open interest in the market fell by 1,047 lots to 97,323 contracts open as of March 25.
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