“Copper has already priced in an awful lot and demand is not necessarily bad,” Widmer told the WSJ.

Furthermore, copper traders have taken a more optimistic outlook on hopes of thawing relations between the U.S. and China as talks between top officials resumed ahead of a meeting between leaders later this month. Swing traders may be affecting current prices in the copper market.

However, more mid-term outlook may not be so rosy. The Federal Reserve could shift toward a tighter monetary policy and dampen U.S. growth. China’s bank lending and consumer spending slowed in October. Germany’s economy contracted for the first time in three-and-a-half years over the third quarter. Japan’s economy also shrnak at an annualized 1.2% rate.

“2019 may not be the strongest year for commodities,” Widmer warned.

For more information on the copper market, visit our copper category.