Copper Surges to Record High Above $14,400 in Biggest Move Since 2009
Not only gold and silver have been on a powerful run for quite some time now - copper has been quietly building momentum as well, before erupting in one of the most dramatic moves the metal has seen in more than a decade.
Copper prices jumped by the most in over 16 years, marking their strongest intraday move since 2009, when China rolled out massive stimulus measures in the aftermath of the global financial crisis.
Key Takeaways
- Copper surged by the most since 2009, jumping over 10% and hitting a record above $14,400 per ton.
- The breakout was driven by strong Chinese trading flows, even as physical demand in China remains weak.
- Momentum is extremely strong, with a volume spike and bullish MACD, while RSI signals overbought conditions.
The rally accelerated rapidly, with prices on the London Metal Exchange climbing more than 5% in less than an hour. At the peak of the move, copper surged as much as 10.1%, pushing prices above $14,400 per metric ton for the first time ever.
Chinese trading flows drive the breakout
The timing of the surge was telling. The sharp acceleration occurred during Asian trading hours, when Chinese investors typically dominate market flows.
This has reinforced the view that capital from China played a central role in driving the breakout. In recent months, Chinese investors have been increasingly piling into metals, adding strong speculative demand on top of already tight supply conditions.
Rally continues despite weak physical demand signals
What makes the move particularly striking is that it has unfolded despite ongoing signs of weak physical demand in China, which accounts for roughly half of global copper consumption.
Ordinarily, such demand headwinds would weigh on prices. Instead, copper has climbed about 25% since the start of December, suggesting that financial positioning, macro hedging, and longer-term expectations are currently overpowering near-term consumption data.
Technical indicators show explosive momentum
The technical picture supports the strength of the move, while also signaling stretched conditions. On the four-hour chart, the MACD has expanded sharply to the upside, with the histogram surging and the signal lines widening, a classic sign of accelerating bullish momentum. Volume spiked notably during the breakout, confirming broad market participation rather than a thin, low-liquidity move.
At the same time, the RSI has pushed well into overbought territory above 80, highlighting the intensity of the rally and raising the risk of short-term consolidation after such a rapid advance.
Copper joins the broader metals surge
Copper’s historic breakout adds another layer to the broader commodities narrative already dominated by gold and silver. Investors appear increasingly focused on real assets as hedges against global uncertainty, currency volatility, and shifting macro expectations. While questions remain about the durability of demand, copper has firmly joined the ranks of metals leading the current commodities rally.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
