Like they have for much of this year, copper exchange traded funds (ETFs) are surging on the heels of prices that have hit 31-year highs. And according to some, the top isn’t in sight.

The primary impetus for today’s move was China’s decision to keep interest rates put. According to The San Francisco Chronicle, the country said imports of copper gained for the first time in three months. Copper is on a major wave of momentum, having gained 43% since July 1. [Have Commodity ETFs Topped Out?]

Stable rates in China could continue to boost buying, which has given analysts a reason to be bullish on the industrial metal into 2011.

Goldman Sachs, in particular, has some bold forecasts for copper and other metals in the new year. A report suggested that metals will diverge and move on their own individual fundamentals, thanks to emerging market growth and demand from developed economies, says Reuters.

Copper is in short supply these days, and a newly-launched physically-backed ETF in London could further contribute to price jumps in the metal. [4 Things Driving Copper ETFs.]

If you’re looking for copper exposure, the only ways to get it in the United States are through two funds that track copper producers – First Trust ISE Global Copper (NASDAQ: CU) and Global X Copper Miners (NYSEArca: COPX) – or through iPath DJ-UBS Copper (NYSEArca: JJC), an exchange traded note (ETN) that tracks a basket of copper futures. There are several physically-backed copper ETFs in registration here, but there haven’t been any clues as to when they’ll actually launch. [ETFs and ETNs: Which Do You Choose?]

Tisha Guerrero contributed tot his article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.