New Delhi, Jan. 30 -- The price of copper spiked and then suddenly dropped Thursday, in a wild day for the metal.

The most active copper continuous contract climbed 11% to an all-time high of $6.58 a pound in morning trading. Prices first surged late Wednesday night, just as East Asia traders were starting their day, and then resumed their ascent around 8 a.m. ET.

But a steep pullback brought prices back down to Earth in midmorning trading. Copper was up 3.1% to $6.11 a pound at least check.

Mining stocks followed on copper's heels-at least at first. Shares of Freeport-McMoRan rose 0.8% after starting the day up 9%. Southern Copper climbed 2.8%.

Copper has now jumped 38% since crashing at the end of July, moving higher alongside preci...