Shanghai copper futures racked up record highs for the second successive day on Thursday as local contract prices tracked fund buying on the London Metal Exchange, traders said.
The most active August contract rose 400 yuan to 26,170 yuan ($3,161) per tonne, while other contracts saw gains of between 250 and 550 yuan. Volume leapt to an active 178,658 lots on Thursday, from Wednesday's 153,868 lots.
Fund buying has been strong on the LME, contributing to prices rises over the past two days, amid supply concerns as strikes and stoppages occur around the world.
The 14-day relative strength index (RSI) for the August contract, which indicates either an under- or over-bought market, now stands at 85.7, well above the upper parameter of 70.
LME three-month copper was quoted at $2,564/$2,568 at 0415 GMT in Thursday's Asian trade, up from a close of $2,553 on Wednesday.
Spot copper in Shanghai rose between 330 and 340 yuan to move in a range of between 25,780 yuan and 25,850 yuan a tonne on Thursday.
Shanghai aluminium futures closed up strong, between 210 and 510 yuan a tonne, as volume more than doubled from Wednesday's 23,530 lots, hitting 59,782 lots.
LME three-month aluminium was trading at $1,674/$1,677 a tonne versus Wednesday's kerb close of $1,671, up $12 on the day.
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