Gains in manufacturing and industrial production for the ,country:US|US], China and Germany have really driven demand for the high beta metal. Copper is highly leveraged to economic growth and as a result whenever conditions are looking upbeat, we can expect copper to rally.
The metal is now trading above 33 and could be in for further near-term gains should the current momentum continue. We might even see some caution kick in at these levels as we approach the Fed decision.
With a couple of key readings due out later today, German/European ZEW and US CPI, copper could be in for some volatility.