The COMEX division of the New York Mercantile Exchange's copper contract for December delivery shot up 3.45 cents to $1.8660 a lb, but earlier set a new contract high at $1.8750.
Spot November jumped 3.15 cents to $1.9570 a lb. after surging to contract peak at $1.9650 a lb. On a continuation contract basis, the all-time high for COMEX copper was set on October 26 at $1.9890 a lb.
With the November contract expiring on the 28th, some players had been selling December copper holdings and moving them into March futures. On Thursday, March raced up 2.75 cents to $1.8030 a lb and set its contract high at $1.8070 a lb.
Activity picked up by 1000 am EST with COMEX estimating volume at 8,000 lots.