US copper futures ended more than 5 per cent higher after in-line labour statistics enabled commodity index funds to continue purchases of the red metal, while hopes for an economic stimulus package bolstered the rally, analysts said.
Copper price surge bucks bearish inventory data across all three exchanges.
London Metal Exchange-monitored warehouse stocks surged 5875 tonnes to 363,575 tonnes, a level last seen since January 1994.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 28 per cent from the end of last year. Stockpiles rose to 22,736 tonnes from 17,822 tonnes on December 30.
On the London Metal Exchange, copper for three months delivery settled up $US205 at $US3400 a tonne, near the upper end of its $US3244 to $US3449.75 trading range.
ABY Price at posting:
19.0¢ Sentiment: None Disclosure: Held
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