US copper futures opened with small losses on Wednesday, chopped around unchanged, but then buyers gained an upper hand in a short cover rally that sent spot prices to a new record, traders said.
Benchmark December futures on the COMEX division of the New York Mercantile Exchange rose 2.95 cents to $1.9470 a lb, after sliding to a low at $1.8940. The high was session $1.9525. On Monday, it set a contract peak at $1.9890 a lb.
Meanwhile, March copper, which sank to a low at $1.8070 a lb, turned up 0.85 cent to $1.8560 a lb. Spot November jumped 4.00 cents to a record-breaking high at $2.12 a lb where it steadied. COMEX estimated volume at 10,000 lots by 0900 am EST, after a heavy session of selling on Tuesday.