COMEX copper futures rallied to all-time highs throughout 2005, and the benchmark March contract closed the year with a 61 percent gain as fears of supply shortage fuelled aggressive commodity fund buying, analysts said.

The New York Mercantile Exchange's COMEX division's March copper future settled the last trading day of 2005 down 0.35 cent at $2.0420 a lb, compared to $1.2650 a lb on December 30, 2004. The contract hit a lifetime peak at $2.0725 a lb on December 28, 2005.

Funds poured money into the market during the year due to supply concerns, strong demand from China, and forecasts for reduced production in Chile, the world's leading producer of the red metal.

Copyright Reuters, 2005