Copper surged nearly 3 percent to end at its priciest in nearly two months Wednesday, as repressed buyers flooded the market after a Greek parliament vote to accept austerity measures bolstered risk appetite. Copper's biggest one-day rally in more than two weeks placed it within 9 percent of its record highs at $10,190 per tonne in London and $4.6350 per lb in New York.
In New York, the key September COMEX contract jumped 13.05 cents or 3.2 percent to settle at $4.2385 per lb. Copper has proved resilient in the face of some worrisome macro-economic trends in recent weeks. From persistent fears of a potential debt contagion in Europe to signs of slower manufacturing growth in China and the United States, prices have failed to break down, signalling stronger underlying supply/demand fundamentals are still very much alive and well.