Copper Nears Record Highs Again: The Rally Continues
Copper is once again at the center of attention in the commodities market. On Tuesday,
CUCUSD rose to around 6.80, almost returning to the highs seen at the beginning of August. Sellers failed to trigger any significant correction afterward: during the current session, prices are holding around
6.79, remaining very close to the levels reached.
At the same time, the global benchmark confirmed the strength of the move. On September 8, three-month copper on the London Metal Exchange rose above
$14,700 per tonne, setting a new all-time high. This shows that the rally in CUCUSD is part of a broader global copper market move.
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What is supporting copper prices:
- Metal supply remains limited. The market is increasingly concerned that mining companies will not be able to increase production quickly enough.
- The US is actively increasing imports. In July, copper shipments from the Democratic Republic of the Congo to the US reached a record 53,290 tonnes, while total US imports exceeded 220,000 tonnes in a single month for the first time. Traders are trying to redirect more metal to the US in advance amid the risk of new import tariffs.
- Power grids and new technologies require more and more metal. Copper remains one of the key materials for electricity networks, electric vehicles and data centers. Rising infrastructure investment is supporting long-term demand.
- Chinese industry continues to see strong external demand. In August, China’s exports increased by 25% year-on-year, while high-tech exports rose by 42.9% during the first eight months of the year. Growing shipments of electronics, electric vehicles and other technology products are supporting demand for industrial commodities, including copper.
What makes the current situation particularly notable is that the market is receiving support from two directions at once. On one side is long-term demand from the energy and technology sectors. On the other is the redistribution of physical supplies toward the US, which reduces the amount of freely available metal in other regions.
According to FreshForex analysts, the
6.60–6.80 range is becoming key for CUCUSD. Copper was trading around 6.65 just yesterday, and today it has once again approached the upper end of the range, showing that buyers remain interested. If the price holds above 6.60 over the coming days and does not return to a deeper decline by the beginning of next week, the current consolidation could be viewed as preparation for another upward wave. In this case, a breakout and sustained move above 6.80 could open the way to new local highs,
and by the end of September, CUCUSD could well attempt to reach the 7.00 area.
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