Copper rallied 3.3% in 24 hours and 5.5% weekly, trading at 31.87 with RSI at 58 indicating mid-range momentum. Price sits 1.32% above its 50-day moving average, signaling a bullish moving average crossover pattern at 57% confidence. The range breakout pattern (70% confidence) suggests upside momentum, though 20-day realized volatility of 17.5% reflects choppy conditions.

Risk sentiment remains constructive with moderate correlations to equities (Dow Jones +0.46) and commodity-linked currencies (AUD +0.34, GBP +0.32), while inverse correlation with USD/CAD at -0.49 supports strength when the dollar weakens. Cross-asset positioning favors cyclical recovery narratives, though volume divergence at 27% confidence flags potential momentum loss at elevated levels.

Watch support near 31.10 (recent base) and resistance at 32.60 (weekly highs). US PPI data due imminently carries high impact for inflation expectations and Federal Reserve policy trajectory, which will directly influence copper's risk-on appetite and real-yield dynamics.