Copper futures have extended to a new record high on the Comex exchange today, surging to $5.2145 per pound, driven by fears Pres. Trump may impose steep tariffs on imports of the metal.

The rally was also fueled by a report that Glencore Plc. temporarily halted copper shipments from Chile due to a furnace issue, tightening already strained supplies.

On the daily chart, copper has extended its uptrend, breaking above the previous all-time high set on May 20, 2024, at $5.1990. Since bottoming at $4.005 on January 2, the price has climbed nearly 29.5%, reflecting a strong upward move. However, while a new record high has been reached, the momentum behind the breakout remains measured rather than explosive.

From a short-term technical perspective, the hourly chart shows solid underlying support. The price briefly dipped below the 100- and 200-hour moving averages on March 10 and 11, but those declines were shallow and quickly reversed. More recently, on March 21, March 24, and again earlier today, price action again tested below the 100-hour moving average (currently near $5.111 and rising) but failed to gain downside traction — a sign of persistent buying interest.

For sellers to regain control and shift the near-term bias, a decisive move back below both the 100-hour and 200-hour moving averages (the latter currently at $5.0216) would be required. Without a break and sustained move below those levels, the technical picture continues to favor the bulls in the short term.