Copper has gained 6.3 percent this week and looks set to close above $3.30 (July 2014 high). It would only bolster the bullish technical setup, as indicated by the inverse head-and-shoulders breakout, solid rebound from the falling trend line in March and a rise above the ascending trendline.

Above $3.30, next big resistance is seen at $3.4617 (Dec. 23, 2013 high).

An uptick in copper prices is usually considered a positive sign for the global economy and also for the Australian dollar.