Copper prices have climbed 28% over the last 3 months

Copper futures climbed to their highest settlement in over two years on Monday, but after a roughly 28% rise over the past three months, some analysts warned that the industrial metal has reached overbought territory.

On Monday, July copper (HGN24) (HG00) climbed 10 cents, or 2.2%, to settle at $4.766 a pound on Comex-the highest finish for a most-active contract since April 18, 2022, according to Dow Jones Market Data. Copper trades close to record highs, having settled on March 4, 2022 at an all-time high of $4.9375.