Copper's long-term prospects have surged, attracting significant investment and pressuring bearish traders, especially given weak demand in China. Recent developments in 2024, such as tight copper ore supply and increasing usage in sectors like EVs and renewable energy, have driven speculative money into the market. Prices soared in early April and surged further due to a short squeeze on New York's futures market.

Craig Lang of CRU Group highlighted the difficulty of predicting a peak, as commodities markets tend to overshoot. Despite warnings that copper prices might be ahead of reality, demand remains tepid in China. Yet, investor interest continues to grow, leading to significant gains.

Prices have risen over 25% this year, with copper and gold benefiting from optimism about potential US interest rate cuts. A short squeeze on Comex has diverted copper to the US, tightening supplies elsewhere.