Copper futures soared to new records early on Thursday, as funds continued their week-long buying spree as Hurricane Rita's approach to the US Gulf Coast sent nervous tremors through the market, traders said.
"We're trading on the session lows right now, but it's being bid back up as we speak. Early on a few funds were selling it, then they bought it. I think they're still buying now," said a COMEX floor broker.
At the New York Mercantile Exchange's COMEX division, December copper shot up to a contract high at $1.7250 a lb., and steadied around $1.7120, up 0.55 cent.
Spot September charged up to a record level at $1.8210 a lb, but stabilised at $1.8090, a gain of 1.25 cents. COMEX set 11 am EDT copper volume at 11,000 lots.