Copper surged 3.24% in 24 hours to $31.84, breaking above resistance with RSI at 62.1 indicating overbought conditions approaching. Price sits 1.42% above the 50-day moving average, confirming the uptrend, while 20-day realized volatility of 16.99% reflects elevated momentum with 14-period ATR at 0.81.

The rally shows modest negative correlation with precious metals (gold and silver near -0.43), suggesting a rotation away from safe-haven assets. Meanwhile, the 0.40 positive correlation with the Dow Jones underscores risk-on sentiment; higher equity markets support industrial metal demand as growth expectations stabilize.

Near-term resistance sits around $32.65 (prior weekly high), with support at $31.00. Watch the US PPI release for potential volatility; hotter inflation readings could steepen yield curves and pressure the Fed, which may weigh on copper if it signals a sustained rate environment rather than growth demand.