Copper futures rallied to new record levels early on Wednesday as funds and speculators continued their buying spree after a hefty gain in US orders for durable goods indicated copper use will remain robust, traders said.
"In addition to the durables numbers, we also had delivery notices in copper today. A lot more than we've had all month, which means consumers are actually using the metal and not just buying it as an investment," said one trader.
COMEX copper delivery notices jumped to 67 on Wednesday compared with a total tally for September of 70.
The New York Mercantile Exchange's COMEX division's benchmark December copper futures firmed to a life-of-contract high at $1.75 a lb and steadied at $1.7480, up 2.00 cents.
Spot September set an all-time high of $1.8680 a lb, an increase of 3.00 cents or 1.63 percent, after the August orders report.
Speculative funds were heavy buyers with 1100 am EDT volume at 10,000 lots.