For Anna Stablum, an analyst with Marex Spectron, the dollar-denominated metal is primarily being "supported by the weakness of the dollar."
The greenback slid 2.5 percent against a basket of currencies in April, as buyers with other rising currencies against the greenback go on a spree.
Neil Wilson of Markets.com saw the rising price as being the result of a rise in demand, notably from China, which swallows more than half of world production, and also supply problems from top global supplier Chile.
China's strong economic recovery has supported the copper demand, leading to the bounce-back in the price of copper and other precious metals since its dramatic drop last year in April due to the COVID-19 pandemic.
China imported a record high of 6.68 million tonnes of copper and copper products in 2020, up a third from 2019, according to customs data.
Industrial buyers of copper were not happy. "Only mining companies and hedge funds with long positions are enjoying this price. Everyone else in the market is suffering. Especially the end-users," a copper rod maker in China said.