Copper hit successive record highs on Monday, boosted by economic prospects for top consumer China, along with a dollar weakness and supply concerns that could propel prices even higher. In New York, copper for March delivery finished up 9.50 cents at $4.2070 per lb.
It shot to a contract high at $4.2225 a lb. In late business, it held at levels near the highs, last trading at $4.2120 a lb. COMEX copper's session high was a new record for a fourth-month contract. Comparing the price with a third-month contract, meaning delivery three months away, March copper rallied to its highest level since May 2008, when it hit an all-time high at $4.2605.
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