Aug. 2 (Bloomberg) -- Copper prices in New York rose to a record, erasing earlier losses, as U.S. factory orders increased for a fourth straight month in June, renewing concern that demand for the metal will outpace supply.

The value of orders received by manufacturers rose 1 percent, following a revised 3.6 percent increase in May, the longest series of increases since November 1998 to February 1999. While copper stockpiles monitored by the London Metal Exchange rose for a fourth session, inventory remains near a 31-year low.

``Business is picking up, and demand is increasing,'' said Michael Purdy, a trader at ABN Amro in New York. Inventories ``won't be nearly enough to satiate demand,'' he said.

Copper futures for September rose 0.4 cent, or 0.2 percent, to $1.667 a pound at 11:40 a.m. on the Comex division of the New York Mercantile Exchange after reaching an intraday record $1.6675. A futures contract is an obligation to buy or sell a commodity at a set price by a specific date.

To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net

Last Updated: August 2, 2005 11:43 EDT