Copper futures have surged more than 5% since the start of July, breaking through a critical resistance level that analysts view as a catalyst for further upside.
The price action suggests a strengthening bullish trend, with technical indicators pointing to continued momentum in the near term.
The rally comes as the metal trades near record levels, driven by robust demand from the energy transition and data-center infrastructure build-outs.
Goldman Sachs has recently reaffirmed its positive stance on copper, citing strong fundamentals and a growing pipeline of high-return projects that support the long-term supply-demand balance.
However, the market remains sensitive to structural headwinds.
While prices have tracked the recent surge in hyperscaler stocks, analysts warn that underlying supply constraints and geopolitical risks could introduce volatility.