Copper futures chart correlations show tightening linkages with crude oil prices, reflecting synchronized moves in broader commodity baskets influenced by macroeconomic data. For further context, please refer to the chart above. While a rising channel pattern is a bullish continuation pattern, we should remain cautious at this level. We may be at the end of the pattern and I see a potential breakdown by the end of September or early October. Copper has surged by 22% this year, despite concerns that the US-led trade war would restrain global growth. The ascent has come as the Federal Reserve resumed cutting interest rates, hurting the dollar and making commodities priced in currency more attractive for non-US buyers. At the same time, there’s optimism about demand for the metal for use in the energy transition, as well as in data centers to support artificial intelligence. Industry insiders suggest this could be the calm before a supply-driven surge.