U.S. copper futures climbed to a fresh five-month high on Thursday as buying momentum continued to mount on a tightening supply base and improved demand fundamentals.
* Copper for December delivery HGZ0 rose 2.55 cents to close at $3.5905 per lb on the COMEX metals division of the New York Mercantile Exchange. * Range from $3.5590 to $3.5995, a new high for the fourth position futures contract dating back to mid April.
* COMEX estimated final copper futures volume at 22,218 lots, versus 36,026 lots on Wednesday.
* Open interest up 2,687 lots at 145,642 contracts as of Sept. 22.
* Copper rally driven by strong demand fundamentals reflected in falling inventories, deepening backwardation in long-dated London Metal Exchange contracts and rising physical premiums - Catherine Virga, senior base metals analyst with CPM Group in New York.
* Copper responding to low inventories in China and the notion that the global, rather than the U.S., economy is on the mend and that copper demand will rise in the face of modestly tightening supplies - Dennis Gartman.
* Copper and tin prices could hit record high annual average prices in 2011 on a strong consumption outlook and supply tightness - Barclays Capital.
* LME copper warehouse stocks fell by 1,975 tonnes to 380,125 tonnes, holding at their lowest level since November.
* COMEX copper warehouse stocks dropped 746 short tons to 87,562 short tons as of Wednesday.
* Antofagasta Minerals （ANTO.L: Quote） could delay a copper project worth around $850 million in Chile, if Congress approves bill to hike mining taxes - Chief Executive Marcelo Awad.
* LME copper CMCU3 closed up $45 at $7,885 per tonne, after hitting a new 5-month peak at $7,909.
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