US copper futures raced to new contract highs early on Thursday in a vigorous round of fund buying that set off automatic buy orders, traders said.
The COMEX division of the New York Mercantile Exchange's copper contract for December delivery shot up 3.45 cents to $1.8660 a lb, but earlier set a new contract high at $1.8750.
Spot November jumped 3.15 cents to $1.9570 a lb. after surging to contract peak at $1.9650 a lb. On a continuation contract basis, the all-time high for COMEX copper was set on October 26 at $1.9890 a lb.
With the November contract expiring on the 28th, some players had been selling December copper holdings and moving them into March futures. On Thursday, March raced up 2.75 cents to $1.8030 a lb and set its contract high at $1.8070 a lb.
Activity picked up by 1000 am EST with COMEX estimating volume at 8,000 lots.