COMEX copper futures surged to 2-week highs Friday morning on fund buying fuelled by Asian gains overnight, a weaker dollar and news of a potential strike at a Canadian copper refinery, trading sources said.
"It all was a catalyst for an atomic explosion of buying, if ever I heard one," said one New York metals desk trader.
By 9:47 a.m. EDT (1347 GMT), active July copper was up 3.35 cents, or 2.9 percent, at $1.2210 a lb, trading from $1.1815 and $1.2275, its highest since May 7.
Spot May gained 3.50 cents to $1.2240 and back months were up 2.75 cents to 3.75 cents.
Fund buying hoisted New York futures amid broad gains in the base metals complex on Friday, after Shanghai copper rallied earlier and prices on the London Metal Exchange bolted back above $2,600 a tonne, aided notably by supportive labour news.
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