Copper futures hit multi-month high despite rising global stockpiles. COPY FOR X/TWITTER: Copper futures rallied to their highest close since Feb. 3, gaining 8.47% over five[...]

Copper futures continued their recent rally on Tuesday, with May contracts climbing to their highest closing levels since early February. The industrial metal has seen a total move higher of 8.47% over the last five sessions, supported by a "headline-driven bounce" linked to geopolitical developments in the Middle East. However, technical resistance remains as global inventories reach an eight-year high, with Goldman Sachs projecting a significant surplus for the year. Market participants are closely watching China as a key swing factor. Beijing has recently called for de-escalation between the U.S. and Iran, reflecting concerns over how rising energy costs might impact Chinese smelters and fabricators. Traders suggest that while geopolitical headlines are driving the current rebound, actual economic stimulus from Beijing may be required to sustain further gains beyond the existing inventory ceiling.