US copper futures raced to new record highs in light volume Friday, in step with new highs in London, as funds continued to buy the market with little motivation to sell at these higher levels, sources said.
"In the context of COMEX relation to London, we see December resistance at a penny premium despite the continued interest of system trading advisors that are unemotional about the record high prices," said Mo Ahmadzadeh, president of Mitsui Bussan Commodities Inc.
By 10:52 am EDT (1452 GMT), copper for December delivery was up 0.80 cents at $1.7910 a lb at the COMEX division of the New York Mercantile Exchange, after dealing from $1.7760 to a new life-of-contract peak at $1.80.
Spot October was 0.25 cent firmer at $1.8775, after hitting an all-time high in overnight electronic trading at $1.8950.
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