Copper raced to a new high above $8,200 a tonne on Thursday as speculative money kept piling into the metals complex on supply constraints and robust global demand, pushing prices in Shanghai and New York higher.
The latest bout of fund buying, prompted by reports this week that China was to set up a strategic reserve for mineral resources, also spurred short-covering and pushed other metals up, with zinc reaching a new high and aluminium setting a new 18-year peak.
London Metal Exchange copper for delivery in three months was up $155, or 1.9 percent, at $8,225/$8,275 a tonne, topping on Wednesday's all-time high of $8,110. "It's a little bit crazy, but the upward trend remains intact," said Sheen Haihua, vice president of Maike Futures in Shanghai.
The metals complex has this year outperformed other traditional financial asset classes, such as treasuries and equities. Investment funds, which have fuelled the meteoric rise in commodities, still expected prices to climb.
With gains in LME copper, Shanghai copper futures jumped by the daily trading limits to a record for the fourth straight day and copper futures on the New York Mercantile Exchange's Comex division set new highs.
Shanghai's active July contract rose 5 percent, or 3,780 yuan, from the previous settlement to end the morning session at 79,490 yuan ($9,924) a tonne. It was also up 3,380 yuan from the previous close.
Comex copper for July delivery rose 6.60 cents to a new contract high of $3.7540 a lb, before easing to $3.7460.
Shanghai aluminium futures also rose by their daily limits, with the most active July contract up 4 percent, or 900 yuan, from the previous settlement to close the session at 23,470 yuan.
LME aluminium was up $20 at $3,115/$3,125 a tonne, topping on Wednesday's 18-year high of $3,100, while zinc was unchanged at $3,660/$3,700 a tonne, a record peak.
In the mining sector, the world's top miner BHP Billion rose 1.3 percent to A$31.75 and Rio Tintogained 1.2 percent to A$86.75, while Zinifex Ltd, the world number-two zinc miner, was up 3.6 percent at A$13.23.