US copper futures rose to new contract highs early on Tuesday when funds bought the industrial metal following a larger-than-expected jump in US orders and US housing data, traders said.
October's robust US durable goods orders and new home sales reports confirmed the positive outlook for copper held by many funds which took the opportunity to add to their holdings.
Benchmark December futures on the COMEX division of the New York Mercantile Exchange soared to a new contract high at $2.0480 per lb, and steadied 2.40 cents higher at $2.04.
March copper rose 0.60 cent to $1.9170 a lb, after rising to $1.9270 a lb, its lifetime peak.
Spot November came off the board on Monday after setting a record-breaking high of $2.18 a lb. COMEX estimated 10 am EST copper volume at 9,000 lots after a heavy round of buying.