US copper futures shot up to a new record high in early Tuesday business, when some players saw an opportunity to cover short positions or buy outright after stiff losses suffered a day earlier, traders said.
"It came in 4 cents higher today. Nothing has really changed in the market, but it was surprising to open up 4 cents higher after yesterday's sharp declines. It's par for the course. Any weakness is being bought," said one trader.
Benchmark March futures at the COMEX division of the New York Mercantile Exchange jumped 3.00 cents to $2.0160 a lb., after posting a session high at $2.0320. It reached a contract high at $2.0460 on Monday before its steep decline.
Spot December copper charged up to a new record at $2.1975 a lb after the open and steadied 2.45 cents higher at $2.18 a lb. COMEX estimated 9 am EST volume at 2,000 contracts.
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