US copper futures continued their ascent to a fresh series of record-breaking levels on Thursday, as brokers said funds and speculators bought strong supply/demand fundamentals amid a swirl of rumours regarding a huge short position thought to be held by a Chinese trader.
Benchmark December futures on the COMEX division of the New York Mercantile Exchange shot up to a new contract high at the open, then continued on to $1.98 a lb. It steadied at $1.9760, an increase of 3 cents or 1.54 percent.
Spot November charged up to $2.0630 a lb, an all-time peak, then stood at $2.06, up 1.40 cents. COMEX copper pegged volume at 5,000 lots by 10 am EST.