Copper Prices Surge Near All-Time Highs as RSI Warns of Overbuying

Copper prices have surged to near all-time highs, with some warning that the Relative Strength Index (RSI) may be indicating an overbought market.

The RSI measures a stock's or commodity's recent gains versus its losses over a given period. When the RSI is above 70, it can indicate that the asset has become overbought and may be due for a correction.

Copper prices have been steadily increasing, with some analysts pointing to the metal's use in renewable energy applications as a key driver of demand. The price of copper on the London Metal Exchange (LME) was last seen at around $10,150 per tonne, up from its 2020 lows.