Copper futures extended their rally on Thursday, powering higher as improving global demand expectations, tightening supply conditions, and bullish technical signals lifted sentiment across the industrial metals complex. The benchmark HGH6 copper contract rose 2.91% to $5.3955, marking one of its strongest single-day performances in recent weeks and pushing prices closer to the upper edge of the commodity’s 52-week range.

Copper Rallies as Market Conditions Tighten

Copper traded actively within a session range of $5.2410 to $5.4360, reflecting increasing interest from both institutional and speculative traders. The metal’s price remains near the upper bound of its 52-week range of $4.0050–$5.9585, underscoring a market environment shaped by gradually improving industrial activity and concerns over supply disruptions in key producing countries.

The latest upside move follows several weeks of steady gains, with copper up 3.85% over the past week, 6.42% for the month, and 16.51% across three months, according to performance snapshots. This sustained strength suggests traders are increasingly positioning for a broader rebound in global manufacturing—particularly as infrastructure spending and energy-transition projects continue to expand across the U.S., Europe, and Asia.

Technical Landscape Turns Unmistakably Bullish

Technical signals present one of the strongest bullish configurations seen this year. Indicators across 30-minute, hourly, 5-hour, daily, weekly, and monthly timeframes all show Strong Buy, supported by rising momentum gauges and favorable moving-average alignments.

The market’s technical backdrop has improved steadily since late October, with copper consistently forming higher lows and breaking through resistance zones previously viewed as barriers to upside continuation. The moving averages now confirm a bullish trend structure, with short-term averages crossing above longer-term levels—a classic signal of strengthening investor conviction.

Traders note that volume has also increased at key breakout points, reinforcing the sentiment that copper’s rally is being driven by genuine accumulation rather than short-lived speculative spikes.

Macro Tailwinds Reinforce Copper’s Strategic Position

Beyond technical strength, macroeconomic dynamics continue to influence copper’s upward trajectory. Expectations of easing financial conditions, improving construction activity, and accelerating renewable-energy investments have all supported demand projections. Copper remains a cornerstone metal for electrification—power grids, EV production, and battery infrastructure—positioning it as one of the most strategically important industrial commodities heading into 2026.

Meanwhile, supply concerns persist as labor disputes, weather-related disruptions, and declining ore grades challenge output at major mines in South America. Inventories at global exchanges remain lower than historical averages, a factor that could amplify price volatility if demand strengthens further.

Looking Ahead

Market participants will closely monitor Chinese manufacturing indicators, U.S. construction spending data, and shipping disruptions that may affect supply flows into early 2026. Should demand signals continue to strengthen while supply tightens, analysts believe copper could challenge its 52-week high in the coming weeks. However, any deterioration in global growth sentiment may temper momentum.